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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:
Arron Newton- Fantastic customer …
"Arron Newton- Fantastic customer service Arron Newton has been First Class with me when it came to helping us to get a great deal on our business electricity and gas. His advice has been invaluable and his contact details are now firmly saved on our business database. I would thoroughly recommend both Switchmybusiness.com and Arron , many Thanks Dave Jackson, The Catering Butcher -Stoke"This review was posted by David Jackson on the 17th of August 2017
I spoke with Bhavni today who was very …
"I spoke with Bhavni today who was very helpful and friendly. The switch over from British Gas to Dual was so simple. I was given a template to send to British Gas to terminate the contract by email, all I had to do was fill in my account number. There really was no hassle! Thanks"This review was posted by Will Halton on the 16th of August 2017
Very good service
"Very good service. Explanations from Arron Newton were clear and thorough, making the process easy and straightforward. I would certainly recommend Arron and this company. Excellent."This review was posted by Dulik on the 16th of August 2017
Mark Weeks - Excellent Service
"Mark Weeks has helped me with selecting the most Competitive Electricity supplier for our Business needs. I would thoroughly recommend both Switchmybusiness.com and Mark Weeks, many Thanks"This review was posted by Jason Davenport on the 16th of August 2017
All good as far as I can tell
"All good as far as I can tell. 24 hours from first enquiry to signed contract and a good deal as well. Mark Weeks made it all simple and was friendly and helpful. He even got a decent rate for my mum!"This review was posted by Chris Gutsell on the 16th of August 2017