Poor corporate credit often leads to loan cancellations or higher interest rates. Always take care of the company data that credit bureaus process from you. Here are our tips:
Keep an eye on the creditworthiness of your company and check it once a quarter.
Check that all information is correct. It often happens that your industries or your business address are not correctly recorded. Even that can affect your corporate credit rating. Correct incorrect entries, because only complete and correct data lead to a fair credit rating.
Always pay your bills on time.
Unpaid invoices that are reminded several times or, in the worst case, result in a collection procedure, are saved as negative creditworthiness characteristics. This affects your credit rating index negatively and is usually stored for up to 4 years. Many banks do not grant loans for negative entries.
Reduce overdrafts or redeploy.
Many companies use their overdrafts for convenience, often at the end of the month. This means that many small-scale uses of the bank quickly accumulate, which banks can look back and evaluate negatively. In addition, interest rates for overdrafts are usually particularly high. That is why it often makes sense to reschedule a smaller installment loan. By reducing the interest burden, your company credit rating can improve.
Close unused accounts.
Keeping many different accounts at different banks has been shown to have a bad influence on your creditworthiness: many credit agencies generally assume that debtors try to avoid claims and their enforcement through a large number of accounts. Therefore, reduce the number of your accounts to an absolute minimum.
- When making credit comparisons, only ask condition queries.
The Internet in particular makes it easier than ever to make credit inquiries and compare many offers. But a regular loan request will worsen your company’s credit rating if the loan application is subsequently rejected. A simple research to compare the best interest rate can therefore lead to a deterioration in creditworthiness.
Use Bankate’s credit comparison service.
With Bankate you can make “credit-neutral” inquiries for financial products. Because we only use the so-called condition queries for credit research. These have no influence on your credit rating. You can also see with us how banks assess your creditworthiness and then compare the appropriate offers.
How does the credit rating optimization via bank score work?
With us you can see your corporate credit rating online reliably and free of charge. We work with various German credit bureaus such as Creditreform or CRIF Bürgel and provide you with all the information that credit bureaus have collected about your company. By registering on Bankate.de, you can not only view the index of your company’s credit rating, but also check the underlying data and report any errors immediately to the relevant credit agency. We show you what information a bank typically examines and evaluates when granting a loan.
We offer you the opportunity to optimize your company credit rating and your credit rating and to benefit from better conditions for financial products from banks and other financial service providers. You can then obtain and compare the right offers in our comparison portal for corporate loans – very straightforward and time-saving.