Corporate CPR is a boutique business information and credit data specialist, working with businesses large and small to help them understand and manage the often incomplete and incorrect data held by credit agencies about them, their customers and suppliers. The Corporate CPR services are designed to complement this data and bring clarity to what is a largely unregulated market which is dependent on automated processes that deliver a “computer says no” approach to company data and have customer services designed to deflect queries not resolve them.
At the core of these processes are the data available at Companies House where key documents such as annual financials and confirmation statements are used within most scoring processes. Some scores monitor the frequency and adherence to legal filing dates as part of their company behavioural performance indicators meaning filing later or earlier than in prior years can be treated critically. Forgetting to file at all will see credit scores and credit recommendations removed completely by one agency.
In the current climate, and as permitted under government legislation to help during the pandemic, many businesses are filing financials more slowly – but credit agencies decrease scores as the last filed accounts become older, meaning that any businesses which are yet to file December 2019 accounts will be seeing their scores and credit limits decrease significantly.
Naturally, the government legislators have no clue about these side effects, and they aren’t told by the credit agencies, so banks, credit insurers and suppliers may be reacting negatively even though the businesses are behaving perfectly legally. They give with one hand and take away with the other.