The client

A Residential and Commercial Electrical Contractor in Essex with a £750K turnover with a funding application declined.

The problem

Our client had applied for funding through an established finance broker but given their poor credit score had been declined. Fortunately, their finance broker was aware of Lightbulb and our capabilities and introduced us to the Electrical Contractor to investigate how we could help.

What Lightbulb did

The first step is always to produce our FREE Credit Insight report that reveals the ratings of the Company at all the key trade credit agencies in the UK, including:

• Creditsafe
• Experian
• Equifax
• Red Flag Alert

We then arrange a FREE 15-minute meeting with the client. This meeting enabled us and the client to identify the specific issues creating the problem, which opened a discussion about the client’s needs, and most importantly how together we could find a solution and solve their problem.

It became clear that the poor credit rating was based on outdated information. Consequently, Lightbulb provided the clients detailed, financial data, with the agency in question, along with an up-to-date view of performance (We can do this without this forming part of their publicly viewable record). This new, information was all the credit agency needed to produce a positive review which resulted in a healthy credit rating high enough to ensure the funding application could proceed and at a competitive rate.

Moral of this case study is – Up-to date financial data is critical for an accurate credit rating, if the agencies do not know the facts, they cannot post positive ratings.

Summary & Benefits

In just 72 hours we improved our new client’s credit score from 15/100 to 68/100. This allowed them to access the funding they required to support their growth plans at preferential rates.

In addition to the improved rating, we increased their recommended credit limit from £0 to £75k which not only improved supplier terms but additionally meant they were considered favourably for larger contracts.

What our client said

“Our company was referred to Lightbulb Credit to help us improve our credit rating. Within no time at all we were contacted by James and Olek who promptly got working on making this happen. With regular updates and information needed from us, we quickly had some fantastic results. Throughout the whole process the team were reassuring and were prompt whenever contacted. We would highly recommend them as their service was faultless.”

Michelle - Director - Residential & Commercial Electricians

To be our next successful case study, start by getting your free business credit report today!