Credit File use for Business Loan?

andy1314

Hi all, hope you can help but I’ve got a general queries about credit checks.

I have access to my Experian file and monitor it to try and keep it as healthy as possible, however, there are parts I don’t understand. I work full time but also have a business I run on the side in the evenings and weekends doing beauty therapies.

I’m getting to the stage where it’s doing so well I’m thinking of expanding and also taking on an employee in “normal work/office hours” but to do this would require a business loan to get things going.

The link to the two topics is whether a business loan would affect or use my credit file or if the bank would just use the business history and accounts?

I currently bank with HSBC for both my personal and business banking and as I have a relationship with them, they would be my first port of call for a loan, although I understand there are lots of other sources too.

Thanks, Andy.

Tixy

Are you operating as a sole trader? not as a limited company?

Yes they will carry out an credit search of your credit files.
The business loan may well be reported to your credit files.