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Credit Rating

Before entering into a new business relationship, it's important to perform a credit rating check to establish the financial credibility and stability of a business.

Your credit reliability rating is typically a score that lenders and other organisations use to determine whether an individual or business represents a financial risk.

 

As a rule it's based on the previous seven years of credit activity. A bad credit rating may be the result of bad debt and loan defaults, amongst other reasons.

 

A Business Credit Express report sources background and financial information on a company, such as credit rating and credit history. Companies of all sizes can experience financial hardship, that's why it's important to have an accurate picture of their financial status before entering into any sort of agreement.

Equifax is Australia's largest reseller of ASC company information.  Combining ASIC information with Equifax's commercial bureau data provides valuable and meaningful insights into a company's credit rating. By utilising this we can provide you with:

  • A fast and thorough assessment of a company or business
  • A reliable online score for businesses
  • A first-rate alternative to expensive investigations
  • Lowers application processing costs
  • Reduced exposure to bad debt.

All business owners would acknowledge that running a business requires a lot of blood, sweat and tears. Managing risk to ensure cash flow is not compromised and trading terms are appropriate for each unique customer, amongst other things, is something that all business owners approach differently with varying degrees of success.

Becoming too relaxed about risk could result in your business facing major problems and having no means to protect itself. On the other side of the coin, be too careful and your business progress could be hampered by red tape.

To be proactive about your business' financial future, it's advantageous to know how to check the credit rating of business associates and clients. Periodically checking relevant credit files for any changes helps to establish ongoing creditworthiness, boosting your business confidence.

Equifax offers a raft of credit rating reports (formerly Veda or Baycorp credit rating reports) to ensure your financial decisions are informed ones.

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