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Business Banking basics

Dec 02 2004

In order to open a bank account, even a basic one, all banks and other financial institutions must go through a series of checks to try to minimise the effects of money laundering.

“Even though you are not opening a personal account, financial services need to collect information on the personal credit history of you and other key parties who will be operating the account,” comments Mike Harding, senior manager, customer recruitment at Lloyds TSB.

He adds that if the bank can’t open an account because of your personal credit history, it can’t discuss the reasons, but should be able to help you to find out information from credit reference agencies.

The quality of your business plan may also be a factor when it comes to opening a business bank account so it’s worth going over the figures and projections to ensure they are realistic and attainable.

As credit reference agency Experian outlines, lending companies make their lending decisions based on information held by credit reference agencies, additional information you may have provided during your application, and their own internal processes.

It is also possible that credit rating information held on you might not be correct, so it is worth checking to ensure that all the data is accurate and up to date.

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