Credit checking business associates

Do you know who you're doing business with?

If you don't know the credit status of your potential customers, you are at risk of being paid late or not at all. To ensure you know the financial status of the companies you are doing business with, ask all potential customers to provide you with the following information:

Company Details

  • Full name and registration number (including any other trading names, and associated non limited companies)
  • Full details of the management (directors) and owners (shareholders) of the business
  • The legal status of the business e.g. Sole Trader, Limited Liability Partnership, Public Limited Company etc

Requests for consent

  • Consent to make bank reference checks.
  • Consent to get a credit check from a credit reference agency.
  • Consent to perform two trade references - chosen by you the lender, in order to get an independent view.

Financial Requirements

  • Amount of credit required
  • Full contact details of the person rep on sib le for payment queries
  • Delivery and invoice address, if different to registered office
  • Bank account details

What is a Credit Check?

A credit check is an action taken by a prospective supplier to determine if a customer is worthy to be offered credit. A credit check entails seeking a detailed analysis from a credit reporting agency, such as EU & UK Data Ltd. Our credit reports include a wealth of information to allow you to make an informed decision about the customers and suppliers you intend to do business with.

The Risk Score indicates the likelihood of the business becoming insolvent within the next 12 months. The lower their score, the higher the risk. This is based on the company's financial and trading history and based on a number of factors. The report also provides a Credit Limit, advising our recommendation for the maximum amount of credit offered at any one time.

Credit Check your potential customers instantly offers a fast, free and confidential company search and director search facility allowing you to check basic registration details of any UK limited company. A credit report including full credit check is available on any UK (and European) company where accounts have been filed. If you are unsure about which item to order, feel free to give us a call.

If you are still unsure about the creditworthiness of a customer, you could consider having a third-party guarantee. This is a legally binding agreement with a third party that they will pay if the customer does not.

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