What a refresh is
A refresh is a request from your client to update your existing Financial Health Rating using more recent financial data. Your prior rating remains on file; the refresh produces a new rating based on your latest statements, which allows your client to see how your financial position has changed over time.
Why your client is asking
Financial health isn't static. Revenue, margins, leverage, and liquidity all move — sometimes materially — from one reporting period to the next. A rating produced twelve or eighteen months ago no longer reflects your current position, and it doesn't help your client make informed decisions about the relationship today.
Most corporations and banks that use RapidRatings run ongoing risk-management programs that require refreshed financials on an annual or semi-annual cadence.
Why this benefits you too
A refreshed rating gives your client an accurate, current view of your business, which is particularly valuable if your financial position has strengthened since the last rating. Trending data over multiple refresh cycles also demonstrates stability and progression, both of which matter to clients evaluating long-term partnerships.
What you need to do
The refresh process uses the same submission flow as your initial rating. Submit your most recent financial statements through the FHR Exchange, and the platform will generate the updated rating.
For a walkthrough of the submission methods, see How to Submit Financial Data on the FHR Exchange.