Why is credit score important?

A credit score is a rating of creditworthiness as a business. A low credit score can have a significant impact on the perceived strength of your business. On the other hand, a high credit score makes it easier to access trade credit, agree contracts with new suppliers and customers, and partner with lenders. A business credit score is central to its success. 

What makes a good credit score? 

Checking the current score is a good place to start. Whilst there’s no precise rule of thumb for determining whether a credit score is strong, it is generally considered that a score below 50 on the commercial delphi scale is high risk. Conversely, anything upwards of 80 is considered low risk.  

Get in touch with us today

Should you wish to understand more about your business’s credit rating and the ways in which it can potentially be improved, please contact a member of the Bishop Fleming Funding Advisory team.