Best place for credit checks

[WilliamH]

Just starting doing credit checks on customers / potential customers and wondering if anyone has a recommendation of where to use for a fast and cost effective result.

 

[Geoff T]

Answer will depend on number of checks TBH...

 

[Geoff T]

And what you want from the check/speed/quality of info...

 

[WilliamH]

Checks will be occasional i.e 5-10 per month. Just need to get a feel for the companies credit risk to define if proforma or credit terms. Value of credit would be in low £100s generally.

 

[Geoff T]

how "up to date" do you need, and do you want to monitor "live" as you go on? eg, will this be an ongoing relationship, or 1off sale?

 

[WilliamH]

Ideally up to date so the credit risk is a real one. Doesnt need to be live as hopefully trading history will allay fears for the repeat customers.

 

[Geoff T]

Ideally up to date so the credit risk is a real one. Doesnt need to be live as hopefully trading history will allay fears for the repeat customers.

then you need:

1. An info provider, not a "re-seller"
2. A review of thought process (sorry, but true!) you can trade with someone for years and they pay you by the book, but what's the chances of them telling you they've got trouble with someone else?!?

Trading History works for determining credit limits that may be more than those suggested by the agencies, but cannot - and should not - outweigh live info IMO...

 

[LABJES]

We use Riskdisk, have different packages to suit needs/usage. Gives good info to enable a good assessment and monitors ongoing. Can also ask wider Riskdisk community for references on Ltd companies. Gives avge payment performance of a company which is useful. Sometimes the good solid Ltd's turn out to be late payers!

 

[Geoff T]

We use Riskdisk, ...

1st example of a "reseller"...

 

[LABJES]

1st example of a "reseller"...

It works for us! I check app 5-10 new each week so it works better to have a dedicated system. Also need to keep a close eye on current customers as they seem to 'pop off' at a rate of 1 a week thesdays. Geoff, What would you suggest for my business taking into account the above?

 

[WilliamH]

Many thanks for all the comments. With the only offering being Riskdisk, I will have a look at what they offer.

 

[Geoff T]

Many thanks for all the comments. With the only offering being Riskdisk, I will have a look at what they offer.

OP- also look at N2Check, Creditsafe, and Experian - they're the direct info ones i KNow about.

Experian are more expensive than the other two, but you'd be wise to look at them too...

 

[Geoff T]

Before you go anywhere else I would advise going to annual credit report.com. After one year they will give you a look at your credit reports. It 's free and there are no constraints. While it is opposite the town, take the initiative, for your credit score from one or more offices. This is the most convenient and there is your relationship and your guests for about eight dollars. When I go to check my credit score this is the first place.

The fact that you mention dollars - on it's own - makes me discount your post... apologies if this unfair...

 

[surgery_cards]

Sorry to jump on board, but do you have to inform business customers you are going to carry out a credit search or can you do this at anytime?

 

[mdsltd]

We use Equifax, brilliant so far

 

[WilliamH]

Great. I will have a look at these. Much appreciated all.

 

[WilliamH]

Just been pointed to : companysearchesmadesimple.com that looks good for occasional reports without long term contracts.

 

[Geoff T]

Sorry to jump on board, but do you have to inform business customers you are going to carry out a credit search or can you do this at anytime?

It's good practice to have a statement on your application form/t's and c's that checks will be carried out, but information on Ltd/public co's is effectively in the public domain, so no reason not to. It's consumers you can't check out without prior written agreement...

HTH...