New service to help 2.2million SMEs manage their credit scores and improve access to finance
Experian, the global information services company, today announced the launch of a comprehensive new service to help the UK’s 2.2 million SMEs gain better access to credit and improve their chances of securing finance and funding.
From the Funding for Lending scheme to crowd-funding, there have never been so many sources of funding open to small firms. Yet it remains essential SMEs appear as an attractive proposition as possible to potential creditors when seeking investment to grow.
Aimed at the 87 per cent of the UK SME population* acknowledging a limited awareness of how to safeguard their credit rating, My Business Profile is an online subscription-based service which gives the directors of limited companies the ability to proactively monitor and manage their Experian commercial credit score. Taking control of a company’s credit position is one of the most effective ways to maximise a business’ chances of securing investment as it has the possibility to increase the funding options available to a business.
My Business Profile enables directors of limited companies to determine and understand the top factors influencing their business’ credit score, in real time, at the click of a button. In addition to providing one of the most comprehensive credit scoring facilities available, new CAIS (Credit Account Information Sharing) data allows a business director to review and act upon what a lender sees when making credit decisions about their business.
Ade Potts, Managing Director of Experian’s SME business, said: “A healthy credit score is one of the essential foundations of a successful business, yet only two in five UK SMEs* have ever checked their commercial credit score. Once you are on top of it, you will be able to spot any problems early on, instead of them taking you by surprise and impacting critical business developments or new contracts further down the line. My Business Profile is a simple and affordable step in the right direction for owners to give their business the best possible chance of securing funding.”
Key features of My Business Profile:
* Key scoring factors: Understand the key factors which are having either a positive or negative influence on your business credit report, from filing annual returns, CCJs and credit searches to payment history Learn how to address any negative factors
* Commercial CAIS: Provides you with the same Credit Account Information Sharing (CAIS) data used by lenders so you can see the information they see about you when making a lending decision
* Automatic alerts: Inform you immediately when your credit file has been searched or when there is a significant change in your business credit report, potentially indicating fraudulent activity
* Expert support: Greater insight and support via live webchats or a dedicated call centre offering on the spot advice to enable you to make your credit profile the best it can be
* Unlimited access: Get your Experian Credit Report and Experian Credit Score as and when you need it, 24/7
For more information on My Business Profile visit: www.experian.co.uk/mybusinessprofile
*The Experian SME Reputation Index was commissioned by Experian and conducted by ComRes, who interviewed 508 financial decision makers in UK SME businesses online between 28th July and 4th August 2014. Data was weighted to be representative of all UK SME businesses by company size and region. The results have been collated by ComRes who are members of the British Polling Council. Data tables are available on the ComRes website, www.comres.co.uk