Credit Check

There are two types of credit check reports - personal and business. Personal reports will document the past credit history of an individual, this will include any loans given, credit cards etc. Personal credit check reports are usually requested when an individual applies for credit, loan and mortgages etc.

Business credit check reports are a very useful tool in determining the financial strength of a company. It is also a good indicator of how a company will fare in the long term. The information contained within credit check reports can play a major part in decision making. They are usually requested from a company if they apply for loans, customer accounts or whenever a company is deciding on trading with them.

The Use of Company Credit Check Reports

Companies request credit check reports on individuals and businesses as a way to minimise any risks that they may face from transacting business with them. The document is therefore a tool to help businesses decide how much trust they should place in the individual or company.

The credit check report on a company will reveal the following:

• The company's full name, status and registration number - this will allow you to verify the exact legal entity you are dealing with
• Full contact information, including registered and trading addresses and contact telephone numbers
• Credit Score - the most important piece of information in the credit check report. This is a score assigned to the company to show how creditworthy it is compared to other companies within the UK.
• Credit Limit - this is an exact amount calculated from various financial figures taken from the company's annual accounts. This figure gives a suggested limit that any company should lend them.
• Company's activities
• Recently filed documents to Companies House
• A list of all known directors which includes their dates of employment, other directorships held, contact details and date of birth
• Any County Court Judgements
• Financial data such as balance sheets and profit and loss accounts

Online Credit Check Reports

Although some companies become dormant or non-trading, most are active and dynamic. To reflect this, limited companies are required to file documents and financial data at Companies House periodically to inform them of any changes. The information contained within credit check reports can therefore become outdated quite quickly.

If you request credit check reports from a normal credit check company, the report can become outdated within the time it takes for the report to be generated and for it to arrive on your doorstep. Purchasing and receiving your reports online will ensure that the information you receive in your report is the most up-to-date. It will also save you the time and hassle of waiting for important information to arrive before making major business decisions.

checkSURE will provide company credit check reports online, delivering the report to your desktop immediately on payment. Just type in the name of the company you wish to perform a search on on our main homepage here to obtain online company credit check reports.