How you can find out the credit score of your business
Checking your business credit score is easy and can be done by anyone free of charge. Visit a reporting agencies website and look up your business credit score. There are lots of business tracking agencies to choose from, with many giving in-depth reviews on the state of your credit. Three of the most popular are Equifax Business, Experian, and Dun & Bradstreet.
How your credit score can affect your business
Low credit scores will negatively impact your business, especially when it comes to energy suppliers, energy prices, and energy tariffs you may be searching for.
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Higher energy prices
Your initial deposit could be greater than those with better credit scores if you're deemed high risk.
In some cases, your entire bill will cost more as your lending will be capped to a smaller amount meaning you will have to pay more each month.
Limited access to energy deals
Your limitations will also regard the kind of deals that are available to you. Having a poor credit rating will result in fewer deals being available to you.
The best deals will only be available to people with a better credit score as they will be a lower risk for business energy companies.
Limited access to energy suppliers
If your credit score is really low, some business energy supplies may not even work with you.
As a new customer who is switching over, even though you may have built a good rapport with your existing energy supplier, bad credit can still affect your eligibility.