Improve your credit score

Price Mann • May 19, 2021

We partner with capitalise to help clients get better access to funding, lower interest rates and more favourable terms.

Why improve your credit score

Poor personal credit can be a big barrier to getting finance for your business. You may think the two separate, but in fact when lenders are checking the personal credit of the management team, what they are really asking is, ‘how do the people who run this business manage their debt obligations?’ With this approach, you can see how important personal credit scoring can be to a business finance application, especially if some shareholders are signing personal guarantees as part of the agreement. If your application is declined based on personal credit history, there are steps you can take to improve your score, and give yourself a better chance next time around. Even if you are approved for funding, this is still important, as the personal credit score of the main shareholders are a key factor when determining what interest rate is applied to the loan.

How do I find my score?

There are three main credit bureaus operating within the UK. You will have a credit record with all three providers, and different commercial lenders use different bureaus in their underwriting process. These bureaus are Equifax, Experian & TransUnion. One person can have a great score on Equifax, but a poor score on Experian and TransUnion, because those bureaus have access to differing data. Therefore, it’s important to have visibility on all three! The three websites below will allow you to check on your scores with these bureaus, as well as offer you hints and tips on how to improve your score. It could be something as simple as updating your address, or getting on the electoral Roll. It could also be that you have a default that you were unaware of, or even that there is a CCJ that is wrongfully applied to you.

We are not associated with these companies, we are merely suggesting that you use them as a free, quick method to check your credit score. The sites are credit brokers, and may offer you personal finance after revealing your score. We do not receive any commission or any other benefits if you choose to proceed with an offer.

Clearscore

Clearscore are a credit aggregator who will show you your score with Equifax, one of the largest credit agencies in the world. The score is out of 700 and anything above 380 should be enough to get you past unsecured lenders.

Experian

Experian are another large bureau, and you can check your score directly with them. The score is out of 999 and anything above 700 should be adequate here.

Credit Karma

Credit Karma are another aggregator, they will display your score with TransUnion, one of the lesser-used bureaus, but they are used by Funding Circle who have a large market share in unsecured lending. Scores are out of 900 and anything above 600 is a positive score.

If you are left a bit confused, feel free to ask us any questions you might have, or contact the credit bureaus directly to resolve any issues. A lot of the time, all you need to do to improve your score is make sure the bureau has the right information about you. For example, they may have an old address for you, or show an account as being in default when you actually closed it a long time ago.

5 GOOD HABITS OF GOOD PERSONAL CREDIT

Ensure your address is up-to-date on all three of these platforms, and on all your bank accounts, loans, credit cards, etc
Always keep up with your direct debits and loan payments, if you miss one payment, be sure to catch up as soon as you can
If you are eligible for credit cards, get one! Even if you don’t spend on it, just having an available credit line is good for your score (the higher, the better)
Try to keep your credit card balance below 50% of the available credit limit. This shows that you are using credit responsibly
Most importantly, manage your debt-to-income ratio. Don’t over borrow, in the same way that you wouldn’t over-spend

For Businesses

Credit improvement helps businesses enhance their credit score. Capitalise can support you in generating healthier reports with five main UK credit agencies.

For more information, please contact us.

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P60 deadline: Actions to take before 31 May

By Price Mann • May 6, 2026

Many business owners treat P60s as a simple box-ticking exercise. While meeting the deadline is important, stopping there means missing a valuable opportunity to identify payroll errors early, before they become more costly to resolve later in the year. With the 31 May deadline approaching, here is what you need to know and why it matters. P60 deadline: 31 May 2026 Every employee on your payroll as at 5 April 2026 must receive their P60 by 31 May 2026. There are no extensions. Missing the deadline may result in HMRC penalties, as well as issues for employees who require their P60 for mortgage applications, tax returns, or benefit claims. If you manage payroll in-house, ensure this is scheduled. If you outsource payroll, confirm with your provider that it is being handled. Key change for 2026/27: Plan 5 student loans From the 2026/27 tax year, Plan 5 student loans will enter repayment. The threshold is £25,000, which is lower than Plan 2, meaning more employees may be affected than expected. Now is the time to check which plan each employee is on. Errors in this area can lead to payroll corrections, HMRC queries, and additional administrative work. Accountant’s tip: Use the P60 process to review student loan plans and ensure the correct deductions are in place for the new tax year. Use P60s as a payroll review While reviewing P60s, carry out a sense check on Benefits in Kind ahead of the July P11D deadline. Common issues include company cars, private medical insurance, and interest-free loans being incorrectly classified or overlooked. Identifying any issues now allows time to correct them properly, rather than dealing with pressure and potential penalties closer to the deadline. What to review before 31 May Confirm all eligible employees will receive their P60 on time Review student loan plans, particularly where employees may fall under Plan 5 Cross-check Benefits in Kind against payroll records Ensure 2026/27 tax codes are correct from the start of the tax year Need support? Please contact us