Residents Management Company Credit Score

deed02392

Hi,

we’re a small (7 flats) RMC on a variable energy tariff for the communal lighting and fire alarm system. We are paying nearly £3 a day standing charge.

We asked our supplier to move us to a fixed contract but they said our credit score was too poor.

I use Credit Karma to track my personal score but how can we do something similar for our company?

thanks!

MyRealNameToo

deed02392 said:

we’re a small (7 flats) RMC on a variable energy tariff for the communal lighting and fire alarm system. We are paying nearly £3 a day standing charge.

We asked our supplier to move us to a fixed contract but they said our credit score was too poor.

I use Credit Karma to track my personal score but how can we do something similar for our company?

In a similar way but as companies tend to work differently to consumers and arent so gullible/suggestible and so there arent free services that pay for themselves by pushing credit via affiliate marketing or getting additional data with promises of an improvement to your meaningless score. As such they are paid for services. 

For example https://www.experian.co.uk/business-express/credit-report/my-company/ allows you to track your meaningless score for £30/month 

Savvy_Sue

Have you thought of using an energy broker? I don't know what your 'company' setup is: the charity I used to work for used https://utility-aid.co.uk/

deed02392

thanks for the replies! 

MyRealNameToo said:

For example https://www.experian.co.uk/business-express/credit-report/my-company/ allows you to track your meaningless score for £30/month

with respect, the score is obviously not meaningless because it is the very reason SSE refused to offer us a fixed contract. hence the reality of paying nearly £3 a day to run a few communal LEDs.

it does look like https://utility-aid.co.uk/ could help us, as an RMC I believe we are considered a non-profit.

MyRealNameToo

deed02392 said:

thanks for the replies! 

MyRealNameToo said:

For example https://www.experian.co.uk/business-express/credit-report/my-company/ allows you to track your meaningless score for £30/month

with respect, the score is obviously not meaningless because it is the very reason SSE refused to offer us a fixed contract. hence the reality of paying nearly £3 a day to run a few communal LEDs.

it does look like https://utility-aid.co.uk/ could help us, as an RMC I believe we are considered a non-profit.

Those looking to offer credit dont see the score, thats why it's meaningless. They see the credit history, or lack of, and apply their own logic to determine if this is someone they want to offer credit to or not.  

You can have an Experian score of 999 (or whatever their maximum is) and be turned down for credit left right and centre similarly you can have a terrible score but obtain credit. It's the difference between Experians rating logic, which no one uses for credit decisions and the logic of the lender which is ultimately the only thing that matters. 

EnPointe

MyRealNameToo said:

<snip>

You can have an Experian score of 999 (or whatever their maximum is) and be turned down for credit left right and centre similarly you can have a terrible score but obtain credit. It's the difference between Experians rating logic, which no one uses for credit decisions and the logic of the lender which is ultimately the only thing that matters. 

 999 on experiean seems to be remarkably easy to obtain , and while equally  meaningless   the credit karam  score  seems to be perhaps more realistic on a paerosn bais ,although rather heavily  wieghted  to carrying balance on your credit card  rather than clearing it  quickly 

deed02392

MyRealNameToo said:

Those looking to offer credit dont see the score, thats why it's meaningless. They see the credit history

ah! Now I’m with you. I agree with this, so my real question is then how do I access our company’s credit history? Or credit file? For free? Sounds like it’s possible, just (relatively) expensive.

user1977

I wouldn't really expect companies of this sort to have any credit file, given they don't generally get credit.

I suspect the problem is more that once you get down to such minimal power consumption, you are paying mainly for the admin of running your account.

MyRealNameToo

deed02392 said:

MyRealNameToo said:

Those looking to offer credit dont see the score, thats why it's meaningless. They see the credit history

ah! Now I’m with you. I agree with this, so my real question is then how do I access our company’s credit history? Or credit file? For free? Sounds like it’s possible, just (relatively) expensive.

I'd use the free trial from Experian but cancel it before the trial ends. It's likely they hold no data at all unless you have an overdraft on the business account etc. I suspect there will be a file, just empty, imagine they have a file for every company on companies house.

deed02392

thanks all. in the end, we were able to switch from SSE to Octopus. we are now paying 90% less for our electricity.