Six out of 10 small and medium business owners have never checked their credit score
39% don’t even know what a credit score is
A survey of 698 small and medium enterprises has revealed that 61% of business owners have never checked their own credit score.
The survey, carried out by global information services company Experian, revealed that 71% of respondents also neglected to check the credit status of their customers.
Even more alarmingly, 39% of respondents said they didn’t even know what a credit score was – even though a low score can have a disastrous impact on a company’s reputation.
In response to the survey Simon Streat, managing director of Experian, urged Britain’s small businesses to pay closer attention to their credit score, as a poor rating could lead to problems with banks, customers and suppliers.
Streat said: “Two thirds of small businesses may be blind to their credit scores, but their larger customers, suppliers and banks certainly won’t be.
“It is important for businesses to monitor their credit score on a regular basis to ensure it reflects their situation accurately, and to be able to take action to resolve any issues that are highlighted.”