U.K. Credit Rating report is provided by checksure Snapshot agency that provides online report facilities. It contains a report on millions of UK companies and individuals. It also contains information on sole traders, partnerships at a twenty-four seven basis.The Graydon reports are also very comprehensive and provide a good detailed report on the credit seeker.
They not only collect information from the agencies but also collect information from their proprietary sources, business intelligence units and payment information. The database, which they provide are always updated, and they provide a twenty-four service through out seven days. The information needs to be updated daily or else there might be a problem in the reports.
It might contain inaccurate information. The reports contain a mass of information so it is absolutely necessary to update the information so that mistakes do not occur. Accurate information provided by the credit bureaus result in better deals.
It will help both the creditor and the credit seeker to close a deal which will be profitable. The credit seeker will be less prone to risk and consequently the creditor will give more money to the seeker, as it will be a profitable deal for both of them. Constant updating of information also prevents a company from fraud.
Types of Credit Reports
Credit reports are of 4 types as provided by Graydon.
Short Form Risk Analysis Report
Short Form Credit Rating Report
Fresh Investigating Credit Rating Report
The credit rating report provided by snapshot gives a clear idea of the position of the credit seeker. It lets the creditor know about the amount the seeker had already credited and also whether he/she is risk prone.
Credit Score in UK
The Credit Score in UK is empirically found by the Graydon agency, which makes it credible. The Augur score developed by Sir Isaac Newton forecasts the risk involved in the deals closed by a company over a year. It gives a granular approach to the risk-measuring factor. The scores range from 190-550 and accordingly the risk proneness is calculated. The major financial institutions around the world use this type of scoring method.