Self Employed Business Acc missing from score

DannyVR46

Hi Folks

I have just tried out the new Beta credit club feature and one thing struck me as odd.

I am self employed, online based and so I have regular income directly transferred to a business bank account. When checking over the credit report this account is completely missing. I can see car insurance, current accounts with no balance (as I use my business account) for income and outgoings (I can already see a potential pitfall here, will look to utilise current accounts for bills etc).

So at a glance my credit file shows a couple of unused accounts, some old debt and no income!

Even though I have had a good solid 7 years of income / outgoings on my Business bank account not showing on the credit reports.

My question is, why is this missing and can I add it to my credit file? I understand it is a “Business” account, however my understanding is as “self employed” my finances business or personal are one and the same.

Perhaps i’m wrong and my business has a credit file?

Hope some light can be shed as from what I can tell, my credit file shows 7 years of credit with no income! :mad:

[Deleted User]

What name is the account under?

Your personal name or your business name?

It could also be that the lender doesn’t report to Experian - have you checked your other credit files?

Use ClearScore for Equifax and Noddle for TransUnion/CallCredit

DannyVR46

The business account does have my name on the bottom of the card, the account is payable to my business name though. There is a subtle difference to the name as it appears on my current accounts (although both personal current accounts have slight differences also), for example one card shows my middle name initial whereas the other does not. Not sure if this could be an issue?

I have used Experian in the past (which I believe also MSE credit club takes data from), I shall try clearscore now and see if the account is missing.

DannyVR46

Just to confirm, the Equifax report also does not show the business account

maxximus75

Its probably reporting to another credit reference agency. Not all accounts will report to all three main agencies.


Also, on current accounts the balance will only show when you are overdrawn. If you are in credit, it will show as 0.

DannyVR46

Perhaps so, being a business account maybe business credit is reported outside of Experian, equifax etc. Which would makes sense in most cases I guess, businesses are usually separate to personal.

However, If that is the case it doesn’t really help “self employed” business owners. My business is my life and all of my income and outgoings over the past 6/7 years have run through my business. From what I can see, years of good standing history is completely unaccounted for on my credit file/s.

I have had phone lines, broadband, business insurance, rent, credit with suppliers etc all of which I think should reflect on my personal credit history. I have personally worked hard to keep all of this in good standing and when it comes to needing credit in the future, from what I can tell it won’t be and isn’t currently being taken in to consideration.

I’m hoping i’m Just missing something here

BoGoF

Begs the question.....why are you using a business account for personal expenses. It's a bad idea on many levels.

DannyVR46

Absolutely.

The reason I stumbled on to this is because I sat down to organise my finances, seperate business and personal by transferring funds to my current accounts and weighing up savings options. As I was browsing various MSE articles the credit club popped up, luckily I was sidetracked and noticed the missing history.

So yep, you’re correct and i’m working on better organisation as we speak.

That a side, good practice or not the credit history should not be missing right? I have paid rent to 3 different addresses, phone and broadband, electric, water, mobile etc all with a good history of on time payments over the past 6/7 years. None of this is reflected on my credit score/history.

I can only assume and I am hoping someone can clear up, either the history is incorrectly missing or the information is available on a credit history linked to my business (although again, I am self employed so I assume the credit history is not separate).

System

If it is a business account then it is unlikely to be reported to the CRAs as they record personal details.

Rent doesn't get recorded but I'm surprised that everything else hasn't been recorded unless you've been putting it all in the business name. Have you been putting the mobile phone, broadband, electric etc in the business name?

DannyVR46

Quite possibly, I will have to double check that. I don’t have any bills to hand but from memory I recall seeing both my name and the business name appearing on bills.

I know if I make inquiries, I usually get asked my name and the business.

If that is the case, hopefully I can simply contact and change the accounts to my name rather than the business and the full account history will appear on my file.

BoGoF

I would think they will only start reporting from the date you change them to your own name. The historical payments were paid by your business.