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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:
Competent and courteous service.
"Marie was knowledgeable and helpful. I feel able to recommend the service given without reservation. David Slesenger"This review was posted by David Slesenger on the 16th of August 2016
"Nadia was very helpful"This review was posted by Robin on the 16th of August 2016
Excellent Customer Service *****
"Jonathan Burgess is an asset to Switch My Business. He made me feel at ease and was more than helpful at all times. He made regular contact and guided me through the whole process which made switching a breeze. I just wish there were more customer service advisers like Jonathon whose friendly and happy demeanour make your day a much nicer one. Well done Switch my business and more importantly thank you Jonathon for all your hard work! Maria Owen Lodgecrest"This review was posted by Maria Owen on the 17th of August 2016
EXCELLENT CUSTOMER SERVICE
"I totally agree with a customer maria owen,Jonathan Burgess was such a pleasure dealing with and is truly a asset to the company, he made it very easy to switch my electricity companies, Jonathan Burgess was very helpful, easy to talk to it was like talking to a friend not just a customer adviser. I would definitely recommend switchmybusiness and try get hold off Jonathan Burgess if possible and have the same excellent service as I did. Rajan Shanan"This review was posted by Rajan Shanan on the 19th of August 2016
Excellent and very helpful
"Arron who dealt with my switch of energy and gas has been a huge help and extremely efficienct and easy to deal with. Despite British Gas throwing obstacles in the way at every turn he has doggedly stuck to his task and saved the day. Thanks Arron."This review was posted by Rod Pryce-Jones on the 19th of August 2016