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How does my business's credit score affect my energy bills?
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 £1,150* a year. Find out more by filling in the form.
What is a business credit score?
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.
How does my business credit score impact my energy bill?
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.
What factors affect my company’s credit score?
There are many aspects that can affect your business credit rating, including:
- Size of your company: The number of people you employee.
- Payment of bills: If you’ve struggled to keep up with bills, you’ll have a lower credit score.
- Finance applications: The number of times you've applied for finance in the past, both successfully and unsuccessfully.
- Groups: If your business belongs to a group, other companies within this group will have an impact on your credit rating.
- Business location: If the local area has a high rate of bad debt or liquidation, this may lower your rating.
- Credit history of your company's directors: If they're associated with businesses that are insolvent, this could reflect badly on your firm.
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