Your commercial credit report (CCR) is just one of the factors that lenders take into consideration when deciding whether to lend to you or not. But it is an important factor. Your CCR contains information about the financial history of your business, and also the financial history of the owner and the directors of the business if any.
But what information is in your report? And how does it influence a lenders decision to lend to you? To determine your creditworthy, a lender will evaluate various aspects of the company’s financial history, including:
- Repayment history if you have borrowed before
- Director information and details of ownership
- Company accounts
- Information on any trade credit you have secured
- The number of previous applications for finance, including how many were successful and how many rejected
- The overall amount of existing credit available to your company
As you can see, the information within a business credit report is wide-ranging and designed to provide an overall picture of your company’s finances and practices.