Engineering solutions company improves declining credit score to gain more favourable funding rates
Discrepancies between an engineering firm’s credit scores were impacting the funding rates being offered to them.
Sector: Engineering
Headlines
- Scores did not reflect current business performance
- There were major discrepancies between their scores with different agencies
- These factors were impacting the funding rates being offered to them
The situation
Despite positive business performance, this metal fabrication and engineering solutions company had seen a decline in their ratings and were also frustrated at the disparity between their scores with different agencies. They wanted to recover this situation in order to improve the rates offered to them by funders ahead of their planned funding application.
What we did
By sharing YTD management information with the analysts at Experian, Lightbulb Credit were able to present an up-to-date picture of company performance to support the case for their score to be re-evaluated.
The case was successful, and their score updated quickly by Experian, enabling them to confidently move forward with their funding application, and as a bonus negotiate better credit terms with their suppliers.
The outcome
The credit improvement process took just five working days and significantly increased their credit rating and limit with Experian, taking them from the maximum risk category to low risk. This immediately enabled them to access the funding they needed on more favourable terms.
| Old credit limit: £0k | Old credit rating: 49/100 |
| New credit limit: £78k | New credit rating: 100/100 |
