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Guidance issued to support businesses preparing to try to obtain finance and those who have been unsuccessful in their initial applications.

Few understand how the credit scoring industry operates and the importance it puts on different factors. The criteria are different for each agency but there are a few basic principles.

A short, simple and easy to read Credit Scoring Guide to help business owners understand the basic information that impacts credit scoring is available on the Better Business Finance website. It looks at how credit agencies gather their information, how to improve a business’s credit score and what can damage a credit score.

The Better Business Finance website also details options available to a business if it has been unsuccessful in its attempt to raise finance. Both the lending code and right to appeal if a business has been refused a loan are available on the website. The right to appeal documentation provides answers to the key questions:

  • how can I appeal?
  • when can I appeal?
  • what are the benefits?
  • how do we know the appeals process works?

More information on both bank appeals and online appeals is available.

Article contributed by ACCA