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?

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

How To Apply For A Credit Card With Low Credit Ratings

How To Apply For A Credit Card With Low Credit Ratings

Here is a detailed walkthrough showing you how to navigate the gold card landscape with a low score.

What Credit Score Do You Need to Buy a Car?

What Credit Score Do You Need to Buy a Car?

Let us share with you about credit scores and car purchasing. You will be able to understand and know the amount of credit score you need to buy a car.

How to Check Someone’s Credit Scores For Free

How to Check Someone’s Credit Scores For Free

So, whether you’re a creditor, a curious individual, or a guy trying to understand their fiscal standing, this guide is for you.

How To Check Credit Scores On Standard Bank App

How To Check Credit Scores On Standard Bank App

We’ll also explore how to increase your credit limit within the app and provide tips if your home loan application is declined.

How Is A Business Credit Score Determined?

How Is A Business Credit Score Determined?

How can a business credit score be determined? What is considered a good credit score?

Credit Score Needed For A Phone Contract

Credit Score Needed For A Phone Contract

I am about to learn about the possibilities of obtaining a phone contract with a credit score. You will also learn about the required credit score for a phone. Contract. Let us get into it. 

Does Business Credit Score Affect Personal Credit Score?

Does Business Credit Score Affect Personal Credit Score?

We will walk you through a series of questions related to business credit scores, the relationships between personal and business credit scores

How to Update Credit Score Information

How to Update Credit Score Information

You may calculate your credit score by looking at your credit history, which includes details such as the number of accounts you have

What Is a Credit Score And Why Is it Important?

What Is a Credit Score And Why Is it Important?

Today we unpack the mystery of the credit score, why it matters, and what you can do to fix a bad one. 

What is a Credit Report (South Africa)?

What is a Credit Report (South Africa)?

Today, we will break down the credit report in more detail, and cover everything you need to know about it. 

Loans Without a Credit Score: What to Know

Loans Without a Credit Score: What to Know

If this is you, what can you do? How do you get loans without the credit history needed to…well, get loans? This article is for you!

How Fast Does A Credit Score Increase After Paying Debt

How Fast Does A Credit Score Increase After Paying Debt

Our focus in this blog post will give an insight into how fast credit scores increase after settling debt.

Can You Buy A Car Without A Credit Score

Can You Buy A Car Without A Credit Score

Although we have established credit score allows one to make a decision when it comes to purchasing. In this blog post, we will check on how one can buy a car without a credit score. 

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

How To Check Credit Score On The Capitec App

How To Check Credit Score On The Capitec App

The post will guide you on how to check your loan rating on the Capitec app, build your readings using Capitec, increase it, and how much advance Capitec can give you.