Why is it a good idea to keep an eye on your business' credit file?

/ business

Many credit providers rely on business credit reports to aid their decision making when assessing applications for credit.

A credit report can provide an insight into a business' financial stability and its ability to make repayments on time and manage debt. A poor credit history could potentially dissuade credit providers from approving your business' application for credit or even trading terms, making it difficult for your company to get the money it needs.

By being aware of its credit file, an organisation can be in a better position to build a strong profile, meaning that it is more likely to get credit when it's most important.

Checking your company's credit history 

Keeping an eye on your company's credit report is simple. If you are a company director or secretary, you can request a copy of your Equifax credit report for free once a year. Businesses wanting to keep a closer eye on their credit history can also sign up to an annual Equifax Business Credit Alert subscription.

This serves as a valuable tool for keeping on top of your business' credit profile, where you'll receive an email alert in the event certain changes are made to your company's credit file.

Purchasing a credit report for business purposes can also be eligible for a possible tax deduction, so make sure you mention it to your accounting team or financial advisor to see whether this will be the case for your business.

Why get your business' credit report from My Credit File?

My Credit File is a part of Equifax, which operates in 24 countries in North America, Central and South America, Europe and more recently in the Asia Pacific region, with the acquisition of Veda, a data analytics company and the leading provider of credit information and analysis in Australia and New Zealand. Combined the companies bring nearly 170 years of data and insights experience to the marketplace. 

Equifax is also unique in that it is the only credit bureau that offers credit monitoring services in the form of Business Credit Alert. 

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Thanks for choosing Equifax!

To make sure you are accessing the right product, we need you to answer the following questions.

You can get a free copy of your personal Equifax credit report:

  • if you have been declined credit in the last 90 days; or
  • if you have had an item corrected on your Equifax credit report; or
  • once every 12 months.

If you do not meet the criteria, a once-off Equifax credit report is currently available for free.

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You are eligible for a free Equifax Credit Report.

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Thanks for choosing Equifax!

An individual has the right to obtain a free copy of their credit file either personally or through an Authorised Access Seeker in the follow circumstances:

  • Once every 12 months
  • If their credit application was declined (the free credit file request must be made within 90 days from the date the application was declined)
  • If the individual has lodged a correction request and has been advised that their Equifax credit report has been corrected

If an individual does not meet the criteria, a once-off Equifax credit report is currently available for free.

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Great news!

Your client is eligible for a free Equifax Credit Report.

Start managing your Equifax business credit profile

$199.95 inc GST each year

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