No credit score for my small business

Rothstein

Paydex SCORE

at least someone has heard of D&B !!

chipshopboy

I have already tried to obtain a Nav score form Dun and Bradstreet through the free service they offer. I think it may only be for customers in the US as, when creating an account, it doesn't allow me to enter a UK postcode.

However, there's also the possibility that this agency, as well as Experian, may not hold details for our business anyway.

My son has suggested using a credit, instead of a debit, card to make purchases. Seems like a reasonable plan as this would give them a credit history, which is what we seem to lack, to check. Anyone have any thoughts?

sonstream

if you want an experian non-ltd business report you can get them via post for £2 link is http://www.experian.co.uk/consumer/statutory-report.html scroll down to where it says order and click the right hand tab that says order via post non-limited company there's a form you need to download and send back but if they don't have enough information to generate a report/score then they can help you start getting one created.

chipshopboy

@sonstream

Thanks - that's a really useful suggestion. Makes a lot of sense. Have printed out the form to send off and will let you know the outcome.

National_Debtline

chipshopboy wrote: »

My son has suggested using a credit, instead of a debit, card to make purchases. Seems like a reasonable plan as this would give them a credit history, which is what we seem to lack, to check. Anyone have any thoughts?

This is often mentioned as an effective way for individuals to build up a credit history, so may also work for your business. As long as you pay the credit card off in full each month so that you don’t pay interest it seems to be worth a try.

James
@natdebtline

MoneySaver123

Maybe try opening an account with Viking or similar and order some small items for the office?

chipshopboy

@Moneysaver1, @NationalDebt

We have accounts with a couple of wholesalers that we don't pay in advance of receiving the goods - but always pay very promptly with a debit card. Guess we get a credit card and use that to pay them, as suggested by NationalDebt. Thanks both.

MEM62

No only does your business not have a credit 'score' neither do you as an individual. These are nothing more than numbers that are randomly generated by CRA's.

If you are a registered business and submit your accounts on an annual basis there are ways for potential lenders to gauge your credit standing.

chipshopboy

@mem62 As mentioned previously, we are not looking to get a loan of any sort. Also as previously mentioned, we are a non-limited business and not registered with Companies House.

Would it be more acceptable if I had asked how we built up a credit history so that a CRA could randomly generate a number we could pass on to the electricity company in question and get accepted as a customer?

Because that's what I actually need to know and, thankfully, other members have posted apropos information that might actually be helpful.