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Get rid of credit rating agencies, former banker warns businesses on Wed 14th January, 2015

Societe Generale banker turned property maintenance entrepreneur Will Davies slams ‘out of date’ and ‘inaccurate’ credit agencies. He has stated that in his experience, they can be potentially damaging to companies and consumers.

“Ratings agencies are only of use of the data is accurate and it is often out of date or inaccurate,” said Davies.

“We [aspect.co.uk] recently had to get them to remove a CCJ (County Court Judgement) from our profile that was incorrect and it took ages for them to do this. The delays could have lost us a lot of business”.

“Even more preposterous are the credit insurers who basically only offer insurance where a company is in perfect health and has no chance of going bust and as soon as a company takes a bit of a turn for the worse they just pull cover – utterly pointless”.

Davies is not the only person to speak out against the system. Gavin Wise of Webwear relied on one agency that would have guided him as to which customers to take on. He told The Times he was glad he walked away when he did.

“Many of the companies we turned away are still around and we could have done good business with them. A lot of those who approached us had either had credit limits withdrawn or reduced to unworkable levels, but it turns out [the credit ratings behind that] were wrong on a number of occasions,” said Gavin Wise.

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John Price, Hillgrove PR.

Hillgrove PR

T. +44 (0) 20 3603 0366
E. john.price@6hillgrove.com