Why is it a good idea to keep an eye on your Business' Credit File?

|
Why is it a good idea to keep an eye on your Business' Credit File?
Why is it a good idea to keep an eye on your Business' Credit File?

Many credit providers rely on business credit reports to aid their decision making when assessing applications for credit.

A credit report can provide an insight into a business' financial stability and its ability to make repayments on time and manage debt. A poor credit history could potentially dissuade credit providers from approving your business' application for credit or even trading terms, making it difficult for your company to get the money it needs.

By being aware of its credit file, an organisation can be in a better position to build a strong profile, meaning that it is more likely to get credit when it's most important.

Checking your company's credit history

Keeping an eye on your company's credit report is simple with My Credit File. You can request a copy of your business credit file and have it dispatched within one working day for $179.95, via email or standard post.

If you are a company director or secretary, you can request a copy of your credit report once a year. Businesses wanting to keep a closer eye on their credit history can also sign up for a Business Credit Alert.

This serves as a valuable tool for keeping on top of your business' credit profile, where you'll receive an email alert in the event certain changes are made to your company's credit file.

Purchasing a credit report for business purposes can also be eligible for a possible tax deduction, so make sure you mention it to your accounting team or financial advisor to see whether this will be the case for your business.

Why get your business' credit report from My Credit File?

My Credit File is a part of Equifax (formerly Veda), which has been providing essential information services to businesses in Australia and New Zealand for over 40 years. First established back in 1967 as the Credit Reference Association, Equifax is the leading credit bureau in Australia.

As holders of the country's largest database of both consumer and business credit records, Equifax is also unique in that it is the only credit bureau that offers credit monitoring services in the form of My Business Credit Alert.

We also suggest

4 Tips For Managing Late Payers

Chasing a late payment can feel like the most awkward of jobs for the small business owner. These tips show you how to capitalise on a wealth of information now available on your debtors to help avoid those awkward conversations and get paid faster.

Managing Credit History for Small Businesses

Managing Credit History for Small Businesses

Small business owners have a lot on their minds, especially when they are in the crucial first stages of establishment, and again when they start to think about expanding. The attraction of starting up or taking over a small business is the ability to bring a novel idea to the market and be responsible for the direction of your own career.

Financial outlook brighter for businesses as insolvencies fall

A rebound in Australia’s overall economic performance has been reflected in the fall in insolvencies experienced in the December 2016 quarter.

Related products

Business Credit File

Instantly know your business’ credit history and see what lenders and suppliers see.

Learn More

Credit and Identity Products

Get your free Equifax Credit Report* or check out our subscription plans including tools to help manage your credit profile and protect your identity.

* Eligibility criteria apply

Learn More

SwiftCheck

Check the credit history of your customers to help negotiate better terms, avoid late payers and get paid faster.

Learn More