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|UK SMEs that credit check customers are less likely to go out of business in their first year|
|Thursday, 21 May 2015|
New data analysis has revealed that on average, UK small businesses that regularly credit check their customers are around 30% less likely to go out of business in their first 12 months than businesses which don’t credit check. The analysis by fintech start-up Ormsby Street comes as it announces a new partnership that will see its credit-checking tool CreditHQ become part of The Formations Company’s suite of services required to set up a business.
CreditHQ is a free online tool that allows a small business to check their financial health, providing them with an understanding of their own credit rating and insight on how they can work to improve it. Small business founders will now get the chance to use CreditHQ when they form their new company with The Formations Company, which has all the tools required for easy setting up of a new company.
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