This article explains what a credit score is, how this impacts your energy bills and how to stay on top of it.
If your business credit score is low, you could be paying more for energy. Switch utilities to save as much as £970 a year.
Unlike an individual's credit score, your business credit rating is based on how likely it is for you to go out of business within the next year. Each business is rated on a scale of 1-100, with higher numbers indicating a stronger financial position.
If your score is higher than 40, your more likely to get cheaper energy rates.
Energy providers use credit ratings to determine your energy prices. The lower your company’s credit score, the fewer the options and higher the rates. Suppliers do this to protect themselves from the risk of debt.
Higher energy rates only add to any financial problems you may have, so it’s important you find a great deal and never slip onto expensive out-of-contract rates.
There are many aspects that can affect your business credit rating, including:
It's likely you'll have to pay a small fee to access this information, but it's a worthwhile in the long-run as this could potentially improve your credit score.