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Business Finance: Know Your Credit File

Obtaining finance for your business is often a very simple process, but in some cases, it can prove to be more difficult than you may have anticipated.

One criterion that almost every lender demands is a clean credit file, i.e. no items such as defaults or court judgements, whether the applicant is a company, sole trader or partnership. Such items are known as adverse listings and impact negatively on your Credit Score and your ability to get a loan.

Many finance companies now offer a streamlined application process for businesses wishing to purchase motor vehicles and some capital equipment up to $150,000. They offer excellent rates and a quick, no fuss approval so long as your business has: 

  • A clear Veda file (Credit agency)
  • Established more than two years
  • Have an ABN and held GST registration for more than two years
  • Are property owners/buyers

Age restrictions on the asset being purchased may apply.

When an application is lodged a credit file check is done. What is on your credit file may make or break the deal.

So what do businesses need to do? Simple: Know what is on your credit report.

We often see a situation where a business is in dispute with a company over the quality of goods or work and the business is refusing to pay the supplier. The supplier is aggrieved at not receiving payment and after a reasonable period has elapsed, lists a default with a credit agency, such as Veda. The first the client knows of this listing is when they apply for finance; which may be after some considerable time has elapsed.

We suggest businesses be pro-active when disputes arise and engage in constant dialogue with the other party so that party is not inclined to list a default on your credit file.

You can for an annual fee, receive advice from the credit agency whenever your credit file is accessed by a third party. We believe every business should do this. We do. Stay in control of your credit file!

Learn more about our business, vehicle and equipment finance services or call to speak to a member of our team now on (03) 9886 6698.

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