A credit rating assesses the credit worthiness of an individual, corporation, or even a country. Credit ratings are considered from financial history and current assets and liabilities. Typically, a credit rating tells a lender or investor the probability of the subject being capable to pay back a loan. However, in recent years, credit ratings have also been used to adjust insurance premiums, determine employment eligibility, and establish the amount of a utility or leasing deposit.
A poor credit rating indicates a high risk of non-payment on a loan, and thus leads to high interest rates or the denial of a loan by the creditor.
A poor credit rating indicates a high risk of non-payment on a loan, and thus leads to high interest rates or the denial of a loan by the creditor.
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Does anyone know what the situation would be for obtaining corporate surety bonds bonds as a sole-trader who has a poor credit history. I have looked into companies who offer bad credit surety bonds but I need to secure the bond against the performance of my business to my clients. To be honest I don't really understand all of the jargon as I am a new business owner who has never had to deal with this kind of thing before - but was informed by a relative that it's something I need to sort out. I don't really want to ask them since my finances are something I like to keep private.
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