What are credit scores?
The score is a statistically based score indicating an entity's credit worthiness. The score ultimately ranks entities based on their riskiness and is designed to assist you in making more informed and consistent credit decisions. The score is based between 0 and 850 index points with a higher score considered lower risk while lower scores are deemed to be riskier entities. It should be used in partnership with your internal credit procedures and policies.
Credit Scores (Pre Purchase)
Prior to retrieving a credit score, you will be presented with a message outlining what information is included when you retrieve the score. Scores will either be purchased or retrieve by using a free inclusion from your plan. The message will look similar to the image below.
Credit Scores (Post Purchase)
Once retrieved, the credit score shall show a processing state, then change to a final state (as shown in the image below). Information presented includes:-
- Score out of 850 points
- Risk Rating
- Historical changes for the last 12 months
- Entities chance of failure within the next 12 months
- Advice regarding the entity