credit check

Most SMEs Fail to Check Customers’ Credit Status

A worrying lack of credit awareness amongst the UK’s small and medium sized business community has today been revealed by new research from Experian, the global information services company. Experian’s survey of nearly 700 UK small businesses found that 71%did not check their customers’ credit status, exposing them to a greater risk of being paid late or not being paid at all. The survey also revealed that 39%of small businesses did not know what a credit score was, while 61%have never checked their own score. Businesses that do not check their scores are unlikely to be aware of any issues until they lose out on a contract with a potential new customer, are refused materials from a new supplier or are turned down for finance. Credit scores provide an assessment of a busin... »