3 Things That Are Bad for Your Credit Score

on Tuesday, 18 October 2016.

Below are three key things which are particularly bad for your credit score, whilst this isn’t a complete list if you are on the mark with the three things listed below you’ll be well on the way to achieving a good credit score.

A good credit score often has a number of advantages including reduced costs, loans are obtained much more easily and you can sometimes be given more flexible terms.

 

County Court Judgements

County Court judgements (or CCJ’s) are very bad to have on your credit report. Before applying for large amounts of credit you should make sure that any outstanding judgements are resolved fully otherwise, you may be refused credit which in some cases can make future applications more difficult.

 

Satisfied Mortgages/Loans

An unsatisfied loan doesn’t normally mean the company has defaulted it simply means they still owe the lender money. Outstanding mortgages are nothing unusual for businesses, however it is the quantity and value of loans that will be the stumbling block for anyone offering credit.

 

Late Payment

Late payment can be an absolute killer even if your other metrics are spot on the mark, everyone likes their money as soon as possible. If there is any indication that you may take a long while to pay especially if it is over terms many people will fight shy of the deal and favour someone else that pays on time. Also with long payment terms there is increased risk to the lender.

Marketing Services

In addition to business credit checks we provide a wide range of business services including business to business data cleansing and a wide range of other business services.