Overview of the impact of credit checks when applying for business finance.
Rest assured, when lenders carry out hard credit checks, they do so with transparency and care. These checks might leave a trace on your personal and business credit scores, as they help lenders gain insights into your credit history and recent financial activities. It's important to note that a hard credit check typically causes a minimal dip of around 5-10 points in your credit score.
However, if your credit history is solid and you've maintained a strong track record (which you can easily confirm through services like Equifax, Experian, ClearScore, and similar platforms), the impact on your credit score will be less pronounced. This means your eligibility for the product you're applying for remains well-preserved, allowing you to confidently explore your financial options.
Get in touch with our friendly team of lending experts if you'd like to learn more.