The benefit of opening a no credit check business bank account is that they are generally available to anyone who may have some adverse credit.
Adverse credit can be anything from Bankrupts, IVA, CCJs, arrears, defaults or anything that could show up on a credit file.
It could also be one of the reasons why you should consider opening a no credit check business bank account.
As the mainstream banks like Barclays, Lloyds, NatWest etc will perform a credit check on any applications with those with adverse credit will normally get declined.
As such it could mean not having a business bank account for their company, which could make life very difficult.
So if you are unable to open a high street business bank account then opening a no credit check business bank account might be a better option.
The fact that there is no credit means they will not be required to perform a credit check on the directors or shareholders of the business.
This is the main reason why opening a no credit check business bank account is an option to be considered.
Plus in many instances, opening a no credit check business bank account often comes with a guarantee of acceptance.
As long as the directors and shareholders can provide the necessary identification documents and they have a legitimate business activity, then they would ordinarily be accepted.
It is also worth mentioning that having a no credit check business bank account is better than not having one at all.
So whilst opening a no credit check business bank account may not appear to be ideal, it will allow you to legitimately trade.
Plus you can always use it until such a time as something more mainstream becomes available.
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