Most credit scores are created by looking at the amount of debt you or your company has with the financial system. For companies, it is also common to look at your most recent filed company accounts. However, these accounts usually reflect finances from 12 or 18 months earlier, and the debt only tells one side of the story.

Credit Passport is different. It is the only credit score for business created in real-time, that reflects the fast changing nature of SMEs.

Credit Passport connects to your bank accounts using Open Banking and updates every day. It has been designed from the ground up to reflect how your own bank views and makes lending decisions about you, giving you rare insight into what you need to do to be seen in the best light, how to be more financially resilient, and how to access the lowest lending rates.

Open Banking is the secure way to give providers like Credit Passport access to your financial information.

OpenBanking.org itself is the organisation in the UK set up by the CMA (Competition and Markets Authority) to oversee the implementation of the European PSD2 directive on behalf of the UK government.

Unlike in other countries, in the UK a decision was made to standardise the way all banks provide the access to their accounts. OpenBanking.org sets out these standards, generates the secure certificates that are used to make a connection, and keeps the directory of all the regulated companies with permission to access accounts. You can view our entry here.

Every time a request for data is initiated, a lookup is made against this directory and it is only processed if there is an active and valid entry.

There are lots of detailed FAQs on the OpenBanklng website here.

Sometimes you may also hear about Open Banking in the press as a concept. This is because it has become the term that refers to the principle of sharing data for a more fair and open financial world.

If you see 'Connect your account with Open Banking' it means that it is secure, regulated, and that you are in control of your data.

Just as any accountant or financial adviser would, we need to be granted a read-only view of your main business bank account.

You grant us this using our 'Connect your account with Open Banking' screen. 

We also look up some additional data from Companies House and other public information sources that list your filled company accounts.

We take your privacy very seriously. We do not share any of your data for marketing purposes at all. We are regulated by the Financial Conduct Authority in the UK and the Central Bank of Ireland in the EU, who are responsible, amongst other things, for ensuring we have world class and robust technical and procedural infrastructure in place to provide financial services.

The way Open Banking works, is at no point do we ever see or have access to your banking passwords. After you have told us who you bank with, we redirect you to your banks own website where you log in as you would as usual on their website or app. You approve the request for your bank to send us your account data.

All of our sites and systems are fully encrypted using 256bit encryption, and triple checked by specialist security teams.

Once we have processed your transaction data, even our team cannot access it directly, and only an anonymised version of your account data is made available to our algorithm for continual improvement and data quality monitoring.

Finally, Credit Passport is made by CRIF SpA, one of the largest credit information companies in the world, serving tens of thousands of banks and millions of individuals and businesses globally every day.

If you have a Credit Passport score of B or above, you are eligible to get a Credit Passport badge. This simple embed code shows your live Credit Passport score to all of your web visitors, setting your company apart from the competition and demonstrating that you are a reliable and stable business partner for your clients and suppliers.

A Credit Passport badge is available on an active plus plan and above.

It can be inserted into any website by cutting and pasting one line of code, in the same way you would add a YouTube video to a blog. It should only take your web designer a few minutes to do, and you can contact us for any assistance that you need getting it set up.

Yes! - Discovering your Credit Passport business credit score is free, forever.  We don't even take payment details when you sign up.

We do offer an optional PLUS plan, with great additional features, such as access to our IMPROVE and SHARE sections, which is £20 + VAT per month - but if you join our free plan you're welcome to use the service to understand and monitor your score without any charges.