No credit score for my small business

chipshopboy

I run, with my partner, a small retail business. We've recently had cause to require a credit score but it seems that none of the agencies have any information about us at all. We currently don't use a credit card and pay all our invoices in cash or by debit card, either upfront or within a week of receiving any goods. The business doesn't have any debt (and never has).

I've suggested to the interested party that they use my personal score as, being a partnership, we are personally responsible for any debt incurred but this isn't of any use to them.

Any suggestions as to how we can get on the credit score radar both quickly and positively?

Thanks in advance!

DCFC79

chipshopboy wrote: »

I run, with my partner, a small retail business. We've recently had cause to require a credit score but it seems that none of the agencies have any information about us at all. We currently don't use a credit card and pay all our invoices in cash or by debit card, either upfront or within a week of receiving any goods. The business doesn't have any debt (and never has).

I've suggested to the interested party that they use my personal score as, being a partnership, we are personally responsible for any debt incurred but this isn't of any use to them.

Any suggestions as to how we can get on the credit score radar both quickly and positively?

Thanks in advance!

I'm afraid you have it wrong, there is no score you are looking for. Credit scores don't guarantee loans or any credit, they mean diddly squat, nadda.

If anything, the interested party could use your credit history but as you found out its not of any use.

Whats this credit score radar you speak of ?

Have you seen the radar vans round ?

Apologies for my reply OP.

SeanG79

What I think the OP might be referring to is a CAIS score, which is often part of an underwriting process for commercial lending.

If there is no credit, there can be no CAIS score as the CAIS information is based on information in a database shared by lenders.

What credit are you trying to obtain OP, as it unusual for a lender not to take personal credit into account for credit for a partnership?

KoshB5

The UK CRA's only hold consumer financial information, commercial credit risk for businesses is undertaken by organisations like Dun and Bradstreet (https://www.dnb.co.uk/)

National_Debtline

Hi

As far as I’m aware a partnership business wouldn’t have it’s own credit history unless it’s a Limited Liability Partnership. I believe this may possibly be different in Scotland.

You can check this with Business Debtline - www.businessdebtline.org

James
@natdebtline

SeanG79

National_Debtline wrote: »

Hi

As far as I’m aware a partnership business wouldn’t have it’s own credit history unless it’s a Limited Liability Partnership. I believe this may possibly be different in Scotland.

You can check this with Business Debtline - www.businessdebtline.org

James
@natdebtline

At work I use Experian Business (previously Risk Disk) and Creditsafe and both definitely provide a "score" for partnerships and this is separate from the partners personal credit searches. I also know that the the Experian Score (CAIS score) is definitely taken into account by more than one commercial lender.

National_Debtline

SeanG79 wrote: »

At work I use Experian Business (previously Risk Disk) and Creditsafe and both definitely provide a "score" for partnerships and this is separate from the partners personal credit searches. I also know that the the Experian Score (CAIS score) is definitely taken into account by more than one commercial lender.

That’s interesting and useful to know. Thanks for the information Sean.

James
@natdebtline

chipshopboy

@DCFC79

Hi - maybe should have explained more fully.

I don't want to get a loan or obtain credit. We are trying to change our electricity suppliers from one company to another. The new suppliers we've chosen have emailed me to say that they cannot find a credit rating (not a credit history) for us and, therefore, are unwilling to take the risk of taking us on as customers (although, they have accepted me as a private customer). here's a quotation form their mail;

"unfortunately our current policy on this is quite strict: if we cannot get a credit rating, we cannot take on a business as customer. We do this mainly because we are still a relatively small business ourselves, but we might release this constraint as we grow.

I am sorry for not being able to proceed with your switch."

Experian do provide credit scores for sole traders and partnerships (or non-limited, non-registered businesses.) As a new user, I can't link to the search page they provide to check if they hold a record of your business, and it doesn't readily show up if googled but, if anyone's interested, they can do a bit of rummaging on their site.

The self-employed guy who lives twelve doors away from me came up but not mine (my home address is registered with HMRC as that of the business too).

The only reason I have for wanting a score is so we can change to a slightly cheaper supplier of green electricity. As we currently seem to be "off their radar", I wondered if there was any way of getting on it.

chipshopboy

@National Debtline, Sean G79

Hi and thanks for this response. As I mentioned in my earlier post, Experian do provide scores for non-limited and non-registered businesses, as Sean says, but they seem to have no record of mine. The purpose of the thread isn't to find out how to get my credit score from them (or any other agency) so sorry to all if I gave that impression, but rather on how to get a credit score at all!

chipshopboy

@SeanG79

Thanks for the offer of help.

I can see though, that I haven't explained myself very well, so apologies for that. I don't want to obtain credit of any sort, I want to know how my business gets a credit score/rating attached to it as we currently don't appear to have one.

It may be, as you mention, that we just don't have any credit history, having no debt and paying for almost everything up front.

I do though agree with you that it seems strange that they won't take my personal credit history into account as, not being limited, I'm responsible for any debt accrued by the partnership anyway.
Any ideas gratefully received!

DCFC79

Would lenders see the score, I think they would see the history jus tlike with personal credit histories but could be wrong.