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Business wrongly labelled high risk
11:42am Tuesday 11th March 2014 in News
A FAMILY business says it could have gone bust because credit-rating agency Experian wrongly labelled it a high risk.
Fast Food Supplies Anglia only found out about the damaging rating when a supplier got in touch to say it would not deliver frozen donut mix to a high-risk firm.
The company’s credit score had dropped from 80 out of 100 to 17, because it was borrowing money to expand.
Jan Topolewski, the owner, said: “We could have ended up going bust.
“We could have seen 27 years go down the drain.
“I wonder how many other small firms have suffered like this?”
The firm is in the middle of moving from Haven Road, Colchester, to the town’s Grange Way Business Park.
Despite having a loan approved to move to the bigger premises, its credit rating started to plummet when it contacted other suppliers in search of new business.
Every time a supplier ran a credit check on Fast Food Supplies Anglia, its rating dropped.
By the time Mr Topolewski was alerted to the problem, Experian was recommending his company was given just £500 in credit, instead of £35,000.
Mr Topolewski only found out about the problem when he was forwarded Experian’s assessment.
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