Your finances can get a bit out of control sometimes for all sorts of reasons. Whether it’s through illness, divorce, redundancy, or sometimes just getting overwhelmed with things to do and accidentally missing a bill payment. The end result can be that you get put in the bad credit basket. Even if you sort it out and pay the overdue bills or fix up a default on a loan repayment, it can still end up on your credit file. (a record of your credit history maintained by credit reporting agencies like Equifax)
Positive Credit Reporting also known as Comprehensive Credit Reporting (CCR) is a reporting system whereby lenders share more of your data with credit bureaus such as Equifax and Experian. This in turn will be listed on your credit report.
In the past, the only information that was mandatory to share was Negative Credit Reporting. It wasn’t until 1st July 2018 when it was made compulsory for the big banks to share at least 50% of your positive credit data with credit bureaus. By 1st July 2019 this amount will be increased to 100%.
To be successful in business it’s essential to effectively manage your money.
Seeing more go out than come in within a month, or debt that seems to continually be growing without the same levels of growth on the profitability front can be a real worry. Managing your money is more than just knowing how much is in your account and mistakes can be quite common in the small business community.
At Seek Financial we’re here to help. We take a personalised approach and get to know you so that we can really help you to upscale your business, achieve your goals and be successful.
We’ve put together some of our top tips when it comes to smart money management as a small business: