Credit rating report – increasing availability
Until recently a business credit rating report was not readily available to most small companies and individuals. As a result very few businesses used a business credit rating report or indeed any form of credit checking on their new or existing customers.
However things are now changing, a business credit rating report can now be
purchased instantly online and as a result the business community is now slowly
waking up to the benefits of performing cost effective checks on customers
and suppliers.
Credit rating report – tailored to needs
A basic business credit rating report costs around £10
and can be viewed within seconds of making the purchase over
the internet. This means that even the smallest customer
can be checked quickly and affordably. It no longer makes
sense to trade blindly with customers that you have no information
on when assurances and credit ratings are so accessible.
Experts recommend that all customers and major suppliers
are checked using this type of report at least once a year.
When taking on new customers, new contracts or significant changes are experienced with a customer of supplier then more detailed business credit rating reports are available. These typically contain a number of years of summary accounts, a history of credit risk scores, details of County Court Judgements, financial analysis and even industry comparisons. Prices range from around £15 to £35 depending on the amount of information supplied.
Credit rating report – just the beginning
Things don’t stop there. In the information era other valuable
services are becoming available: international business credit rating reports
on companies from all corners of the globe, business credit rating reports
on non-limited businesses (sole-traders and partnerships) reports showing the
directors of companies, reports showing all directorships of an individual
including dissolved businesses. In the future even more tailoring of information
will be available so you only pay for what you need.