Almost all businesses that provide credit spend valuable time and money vetting customers before doing new business with them. But once your customers are signed up, it’s still important to ensure the information you hold about them remains current and that their credit positions haven’t changed to the point where you would reconsider your trading terms.
Our research shows that around 30% of company records within a typical business portfolio contain inaccurate identity information. In addition, 1% of companies are likely to be in liquidation or struck off.
Take control with a Business HealthCheck
Business HealthCheck is a report that encompasses your entire portfolio, and provides information on both delinquent accounts and those that are performing well. It also provides the most recent contact information so you can ensure your records are up-to-date. This information enables you to make informed credit decisions, determining which of your customers qualify for further lines of credit or require intervention to minimise the risk of loss. You can view a Business HealthCheck as a natural complement to a Business Report, which provides in-depth views of specific organisations.
How does it work?
First, let us know the number of company records in respect of which you would like to run a Business HealthCheck. We’ll let you know the cost and how long it will take - usually no more than a couple of days.
Once that’s settled we wash your files against our commercial database and external sources such as the Companies Office to form a verified match.
On all verified matches, we append new data to the source file where the information provided is inaccurate or incomplete.
You’ll also receive any relevant credit default information held on file by us for the past five years, broken down into aged buckets.
The customer level reporting is supplemented with a summary report that pinpoints the level of risk and opportunity in your debtor book.
What are the benefits?
A Business HealthCheck gives you a complete and accurate picture of the company accounts on your books together with credit status. From this you can:
- Identify performing accounts as the basis for extending more flexible credit terms.
- Identify non-performing accounts as the basis for active account management to reduce the risk of late payment or default.
- Reduce costs associated with inaccurate and unpaid invoices. Accurate invoice information will help ensure that you send the invoice to the right entity at the right address.
- Identify invalid registration of security interests. Registering your security interests against the correct entity will improve the likelihood of a successful claim of title.
- Improve the efficiency of data management activities such as audits, compliance checks and monitoring by accessing accurate information.