How to Check Business Credit Score In South Africa

By Mav OT •  Updated: 02/03/24 •  5 min read

Setting up a business in the first place is not easy, you have to keep your credit score at the top. But what happens if you have no idea about your credit score?

First and foremost credit score is a systematic representation of individual and business creditworthiness. 

- ADVERTISEMENT -

It is important to know a business’s credit score because it shows how financial discipline and stable its finances are. It checks how well a company can keep its financial promises and handle credit properly. Business credit scores are different from personal credit scores because they look at how a business handles money and uses credit, not a person’s credit history.

Credit reporting companies develop these scores by looking at things like payment history, amount of debt, how credit was used, and the length of credit history.

A good business credit score can help a company’s image and open up good financial opportunities, like getting capital, trade credit, and better financing terms.

At the end of this blog post, should you have a business you should be able to check your business credit with ease. You will be able to understand the dynamics of business credit scores in South Africa. 

Does a business have a credit score South Africa?

Just as there are personal credit cards, businesses also have their credit card. It is certain that business also has their credit system however, their system differs from personal credit.

Remember that if the business is not registered and has not signed up for a credit account, it will not have a credit score. 

A business credit score is a credit report that shows how likely it is that a business will pay back its loans on time and not go into default. 

Lenders often use business credit scores to decide if a loan is available and how much interest to charge.

Business credit scores are based on a different scale than personal credit scores. They use a number from 1 to 100. If the number is higher, it means that the business is more creditworthy. Businesses may find that their credit scores make it harder to sign a lease or buy things from sellers on credit.

Your business credit score tells lenders how risky it is to give you money. These are the scores that the big credit bureaus, like Experian and Equifax, give you.

Banks, creditors, suppliers, and buyers all use your credit score to help them decide if they want to do business with you or not. 

How do I check business credit score in South Africa?
- ADVERTISEMENT -

Before checking your business credit score ensure to know the URL platform by the credit reference agency. These institutions have their platforms set up to support business check their credit score and make their credit worth better. 

If you want to check your business credit score in South Africa, log into your credit portal whether Transunion, Experian or the others. 

View your profile and navigate to check your credit score. 

Does business credit show up on your personal credit?

A common question for individuals with both personal and business credit. It is unrealistic to find your business credit showing up on your personal credit. 

The templates and systems designed for business and personal credit are entirely different. However, some circumstances could have your business showing on your credit but depends on how the business was registered, transactions and guarantees. 

How long does it take to get business credit score?

Getting a business credit score and improving it are entirely different things. The timeline for building your credit is different from getting a credit score. 

The process usually takes six months for business owners who want to get their business credit score.

having this business credit score gives you ample time to build the confidence needed to run your business credit.

Does a business credit score affect your personal credit score?

Most of the time, your business credit score may not affect your personal credit score in South Africa. Credit records for businesses and individuals are usually kept separate and are kept up to date by different credit bureaus. 

Still, there are times when it can be hard to tell the difference between personal and work finances, which could affect both scores.

One thing that could happen is that you, as the owner of the business, personally guarantee loans or credit for the company. When this happens, your personal credit could be hurt if the business does not pay its bills on time. 

Additionally, using personal belongings as security for business loans could hurt your personal credit.

Plus, if you mix your personal and business funds, lenders might look at your personal creditworthiness when they judge the credit of the business. Unexpected things that happen to your business, like late payments or money problems, can have an effect on your personal credit score.

- ADVERTISEMENT -

Keep Reading

What is the Credit Score For Mortgage in South Africa?

What is the Credit Score For Mortgage in South Africa?

What is the Credit Score For Mortgage in South Africa. This guide looks into the credit score requirements to secure a home loan within South Africa.

How to Check A Customer Credit Limit On SAP

How to Check A Customer Credit Limit On SAP

In all these, our focus is on credit check limits for individuals. We are going to take you through customer credit limits using SAP.

Does Credit Score Go Down When Checked? 

Does Credit Score Go Down When Checked? 

Does Credit Score Go Down When Checked?. This article explores everything you want to know about checking your credit score.    

How To Check Credit Score On Capital One App

How To Check Credit Score On Capital One App

Let's plunge into these topics further, in the course of which you will get more insight into Capital One credit monitoring in an attempt to make more informed decisions on the issues concerning your financial life.

Credit Score Auto Loan Calculator

Credit Score Auto Loan Calculator

The eligibility measure, how to utilize a credit rating auto loan calculator, a good credit grade for an automobile loan, the bottom-level credit grades to purchase a vehicle in South Africa

Why Your Credit Scores Have Suddenly Dropped

Why Your Credit Scores Have Suddenly Dropped

This article will take you through some of the usual suspects behind a falling credit score and help you prepare to battle them.

How to Get Your FICO Credit Score

How to Get Your FICO Credit Score

Today we will unveil everything you need to know about FICO, and how to make it work for you.

Why Is My Credit Score Different on Different Sites?

Why Is My Credit Score Different on Different Sites?

Why Is My Credit Score Different on Different Sites? Today we look at why, and what you need to know about this phenomenon.

How to Improve Your Credit Score Without a Credit Card

How to Improve Your Credit Score Without a Credit Card

While the credit card system is one of the easiest ways to build your credit score, Read on to learn how to improve your credit score without a credit card.

How do Lenders Check Your Credit Score

How do Lenders Check Your Credit Score

If you are wondering about lenders and credit scores, then this blog post is for you. At the end of the day

How Long Does it Take for a Credit Score to Update?

How Long Does it Take for a Credit Score to Update?

Today we take a closer look at credit score timelines and when you can expect to see those changes work their magic for you.

How to Find Out What’s Affecting Your Credit Score?

How to Find Out What’s Affecting Your Credit Score?

Today, we will walk you through working out what is affecting your credit score and how to fix it.

Does Credit Score Affect Your Car Insurance Rate?

Does Credit Score Affect Your Car Insurance Rate?

This article explains all the important aspects of credit scores and how they affect your car insurance rate. 

What Credit Score is Needed to Buy a House?

What Credit Score is Needed to Buy a House?

What Credit Score is Needed to Buy a House? Here’s what you need to know. 

How Far Back Do Mortgage Lenders Check Credit History

How Far Back Do Mortgage Lenders Check Credit History

Some may ask, how far do they go with these checks? What are the nitty-gritty of these mortgage loans? Well, we are about to find out more.