Do You Know Your Credit Rating? (And Why That Matters)25th January 2017
One of our big projects over the coming months is to redesign our website.
It’s now looking a bit tired – and that matters, because we know that when potential clients look us up online, that’s the first place they go to.
But it’s not the last...
When someone’s looking to work with you, they will most likely check your company out on social media as well. They might visit LinkedIn, to look into the individual backgrounds of your directors.
And not least, they’ll more than likely check your credit rating to see if you’re a solid, reliable company, on sound financial footing. If it’s a potential supplier looking you up, they’re going to want to make sure you can pay your bills.
It’s the latter I want to talk about today, because all too often, companies never spare their credit report a second thought.
When was the last time you checked yours?
It’s worth doing, because sadly, sometimes the credit agencies do get things wrong.
We have one client which is in a great financial position, but when they filed their accounts with a credit agency which shall not be named, they misinterpreted them. Their credit rating was immediately downgraded, making it look as if they were in serious financial trouble.
The fact that it was wrong was besides the point. Once it’s online, potential clients – and others - will draw their own conclusions. Your reputation can be damaged and business can be lost.
This really isn’t that uncommon. Another client of ours here in Greater London had the same name as another company in Ireland. The credit agency got them mixed up, and as a result their accounts looked much worse than they really were.
Luckily, we picked up both cases because we monitor our clients’ credit ratings.
And that’s something you need to do for your company, as well.
If there is a mistake, get in contact with the credit agency quickly to tell them about the error. Their business depends on their having the right information so they will generally be happy to help out.
It’s in their interest to do just that.
And it’s in your interests to make sure that you are represented accurately, wherever you are online.
So here’s your mission for the next few minutes. Google your company name, and “credit report”.
Would you be happy for potential clients to come across the same results?