In order to establish a prospective new client's or associate's creditworthiness, it's essential that you have a comprehensive credit assessment in place.
Whether you're assessing a larger, established corporation or a small new business, there are a number of universally relevant questions you should ask to initiate your credit assessment. These include:
Do the people associated with the business have a history of bankruptcy?
A Business Credit Express Bankruptcy Search report will reveal this information. There are limits on the professional involvement a bankrupt can have in business.
What is the business' credit rating?
Simply put, a Business Credit Express report such as a Company Credit Report or Company & Director Report can help you to assess whether it's a business-savvy decision for you to extend credit to a new account.
Does the business pay its other suppliers on time?
Any of Business Credit Express' industry-leading reports will capture habitual late payment of accounts in the form of defaults. It may be safe to assume that if a client doesn't settle other accounts in accordance with the payment terms, your business will be in for the same treatment.
In addition to late payments, Business Credit Express reports will highlight payment disputes, court actions, loans defaults and bankruptcy. These behaviours all suggest high-risk and will have dragged down the client's credit rating.
As part Veda (formerly Baycorp Advantage), Business Credit Express compiles its reports using world-class data. In addition we have access to first-rate in-house analysts. Our popular reports include:
Company Credit Report
A Company Credit Report will assess low-to-mid exposure accounts. Compiled with Veda data and public record information, the report can quickly verify creditworthiness.
A Business Credit Express Investigative Report is tailored to higher-risk accounts. It includes interviews plus research, and is compiled by analysts within the Veda Australian Bureau Research division.
Buy your Business Credit Express credit report online today.
Credit management resource, Credit Express, offers a means for you to manage common risks associated with new business relationships.
Establishing a credit assessment overview is necessary if you intend to offer commercial credit through your business.
Creating a credit assessment checklist is an excellent first step to ensuring your important business decisions are based on pre-approved key performance indicators rather than short-term interests.