The UK Retail Landscape
The UK retail landscape is in constant flux. The high street evolves to accommodate changing trends, and as a ...Read More
Do you know how your business’s credit rating can impact its energy bills? Many business owners are unaware of the connection, which can lead to some unpleasant surprises during the arrangement of gas or electricity contracts. With this in mind, we’ve answered a few questions about credit scores and their relation to business energy.
Energy is sold to businesses in large quantities, so it’s in a supplier’s best interest to check how much of a credit risk there may be with a new business customer. If that customer fails to pay their energy bills, the provider will lose out on a significant amount of money, and the process of recovering that money can be long and difficult.
Factors which have an impact on your company’s credit rating include:
These are the main pieces of information credit rating agencies will use to determine your score. It’s important to note, however, that they can get things wrong and your rating can suffer as a result, so you should always keep an eye on your own score. You can (and should) contact one of the top credit agencies to find out what information they have about your business, giving you the opportunity to correct any errors and fill in any gaps.
Having a poor credit rating can limit your choice of energy suppliers because some of them will refuse to accept low credit businesses. If a supplier does accept your company despite a low credit score, you may be required to do one or more of the following:
In short, if your business has a poor credit history, you’re likely to pay more for your energy as a result.
The good news is your credit score isn’t fixed so there’s plenty you can do to improve a low one. Here are a few tips:
However, while you work on these improvements, your business will still require energy, so there’s a couple of things you should bear in mind when shopping for gas or electricity:
an absolute disappointment
"I have been using switch my business for many years re the business energy deal. Normally one of the team member would contact me about 2 months before the contract terminated and look for another deal. Last year it was done by James Bainbrigge for a 1 year deal. This year I have not heard from anyone and therefore started to contact James by email and also leaving messages on his phone. After many unsuccessful attempts, I called the 0800 and 0808 numbers. I have done so more than a dozen times. Each time I was left on hold for up to ten minutes and then got cut off. I also email to sales team and received no response. In desperation I contacted customer service team twice by email, received the acknowledgment email and nothing further. My contract is running out this Saturday and therefore at the beginning of this week, I sent in a quotation. No one has contacted me to date. I cannot do anything more than what I have done. What a shamble!!!"This review was posted by anthony on the 03rd of June 2021
Kay was extremely helpful and…
"Kay was extremely helpful and efficient, in terms of both advice and setting up our account. Would recommend 100%."This review was posted by customer on the 24th of November 2020
After Scottish Power changed our…
"After Scottish Power changed our business rates half way through the contract we were in set up by Switch My Business, we spoke to Natalja and she helped us sort this issue. Unfortunately, Scottish Power wouldn't play ball and were not agreeing to let us out the contract. Natalja worked extremely hard to sort this out for us and even put a claim in with them for the out of contract rates they put us on as one advisor at Scottish Power said they would refund the difference then another said they would not, along with plenty of other issues and broken promises along the way. It was a long and pretty painful process but Natalja did not give up and we have won the claim against Scottish Power. Very happy with the service Natalja provided."This review was posted by Sara on the 19th of November 2020
Prompt & efficient service from Stephen…
"Prompt & efficient service from Stephen who really went into all the details in a very short period of time. I would definitely use SMB again. Thank you Stephen!"This review was posted by Jackie on the 18th of November 2020
"Dealt with Bhavni, she was also extremely helpful, patient and dealt with my case in a very professional way. Answered all my questions promptly and got the best rate for our business. Highly recommended!"This review was posted by S. Amin on the 17th of November 2020