New Business Owner? Concerned About Your Credit Limit and Risk Score?

There is no doubt about it, being a business owner in todays financial climate is not easy, sometimes risky, but with the right help I can be very lucrative.

In today's blog I want to advise you that the perception of potential suppliers or customers will definitely make or break your business venture. 

a staggering 88% of businesses fail within the first 12 months of starting, this is truly astounding but to some extent this comes down to being perceived in a bad light by suppliers or customers.

One thing they will be doing before entering into a business relationship with a new business is looking at any financial records available, so for limited companies they will carry out an online credit report, for sole traders or partnerships they will almost certainly look at a consumer report along with trade or bank reference information. 

Now the best thing to do is ensure that if you file any and all information or fill out any application with as much information you can so as to give the perception of transparency. Your suppliers will definitely look at this in a positive manner. 

With this in mind you will need to credit check your suppliers to ensure they are able to fulfil your requirements, so many new businesses are affected by poor supply lines, so do the checks to make sure you don't get caught out.

Creditserve are a provider of quality online credit reports and can cater for any and all requirements so if you would like to view a credit report on a company please feel free to contact us via email sales@creditserve.co.uk or 01992 414222 Or visit our website www.creditserve.co.uk. 

Creditserve Bespoke Credit Checks

Creditserve are the only UK business that are able to provide bespoke credit checks which are generated at the time of request. This blog is to describe the details of our bespoke reports and the benefits of using this information.

Bespoke Credit Reports

A bespoke credit report is a form of credit check which is carried out at the time of request and is used when you are looking to carry out a business search on a non limited or new limited company.

These bespoke credit reports benefit companies that deal with businesses that operate as sole proprietorships or partnerships in the main, but can be used for new limited companies as there is very little information available within the first 18 months - 2 years of a limited company.

Also our customers like to know whether these new limited companies have traded prior to becoming a limited company, the bespoke report gives you an insight to a customers past and potentially revealing information which can assist with setting credit limits or knowing whether or not to deal with a prospective customer.

What Information Is Included

Our bespoke reports include the following information:-

• Business Name and Address(es)
• Contact Information
• Ownership Details (Proprietorship/Partnership/Correct Ltd Name)
• Dates of Birth of Owner(s)
• Business Activity
• Date Trading Commenced
• Number of Employees 
• CCJ & Derogatory Information Search
• Banker Details
• Other Business Interests
• Residential/Electoral Roll Confirmation
• Consumer Search (for Proprietorship/Partnerships)
• Two Trade References
• Recommendation

Who Would Use This Information

Creditserve has a wide range of customers that use this information across many industries from the likes of Cash and Carry Wholesalers, Meat Wholesalers, Drinks & Confectionery Distributors to Pet Food Distributors and Agricultural Supplies amongst many other industries.

The reason they use this bespoke credit reporting information is because:-

• The report is carried out at the time of request
• The information is more detailed than anything else available
• We give a realistic opinion on the subject by using a diverse spectrum of information
• The reports are recognised by credit insurance agencies
• We do the hard work for you
• Knowing who you are dealing with is paramount, often ownership or legal entity can change

So if you deal with Sole Traders or Partnerships please feel free to view a sample of our bespoke report via the link http://www.creditserve.co.uk/Products-and-Services/Sample-Credit-Reports

If you would like any further information relating to our bespoke credit checks or any of our services please feel free to visit www.creditserve.co.uk or email on sales@creditserve.co.uk or follow on twitter @creditserve1 or LinkedIn Martin Brown

Many Thanks
Martin Brown

http://www.applegate.co.uk/all-industry/comprehensive-online-uk-business-credit-2582564.htm

Company Monitoring And The Benefits Of Keeping A Beedy Eye On Your Customers, Competitors and Suppliers

This blog is written to give an insight into the whys and wherefours of monitoring your customers, competitors and suppliers financial information.

In the current financial climate it is wise to carry out the relevant credit checks and run credit reports to ascertain whether you are putting your own company at risk by dealing with potential new clients or suppliers.

However, it is just as important to monitor your new customers and suppliers once you have extended credit terms to them, a company that seems secure at first may indeed see changes to their own business which can directly affect your own.

Below are the reasons for change within companies which can directly affect you:-

Filing of Annual Accounts
Filing of Annual Return
County Court Judgment/ Derogatory Information
Change of Directors
Group Ownership/Shareholders

Company monitoring allows these changes to be sent automatically to you via email on a daily basis so therefore you will receive this information as soon as it is available through a live feed of information. You will be sure that the information sent will be backed up by filed information at Companies House, the registry trust or local gazette.

With this in mind this would mean that a company that has just had some derogatory information filed against them such as a CCJ, you would be in the best position to stop supplying and recover your outstanding monies, therefore negating finding out later on what has happened and potentially being at the bottom of a list of companies chasing their outstanding debts.

It is not always on the negative effect that the monitoring system can be used for, it may be a very helpful procedure when receiving filed accounts information, for instance if a company files a new annual accounts document and their company has grown their need for credit has potentially grown and you can benefit by looking to extend larger levels of credit should the company be worthy.

Credit reference agencies such as Creditserve allow customers to obtain access to monitoring facilities when a subscription is made to their online credit checking facility. These credit checking facilities are best used in an unlimited basis. Creditserve offer unlimited business credit reports on all UK and Irish limited and non limited companies, company monitoring, Companies House documents, director database, online international credit reports as well as consumer credit checking and AML (anti money laundering) checks.

Please feel free to visit www.creditserve.co.uk or follow on twitter @creditserve connect on LinkedIn Martin Brown or email martin@creditserve.co.uk

Credit Checking Non Limited Companies (Sole Proprietorships and/or Partnerships) and the Best Way to Ensure You Know Who You Deal With!

When dealing with Non Limited entities such as sole proprietorships or partnerships it can sometimes be tricky to know the information you require, how to obtain it and to be confident in setting a realistic credit limit or even whether you should give a limit at all.

With Non Limited entities the owner(s) are jointly and severally responsible for outstanding monies and in the case of outstanding debts any or all of the owners can be chased for the value plus costs and interest.

The starting point of credit checking your Non Limited customers and ensuring you know who you are dealing with is to have a full application form which require details such as company details, ownership details, residential address(es), bank details and trade references. It is also wise to make a note on the application form that consumer credit reports will be carried out with any application.

The next suggestion for credit checking your Non Limited customers would be to take up given trade references to ascertain details like how long your subject has dealt with the given reference, what credit terms they have (7 days, 14 days, 30 days etc), average purchases, credit limit and comments of the account.

In my opinion the best way of being confident of knowing exactly who you are dealing and whether they are credit worthy is to combine the two steps above with using both business information available online which will give you details on the business in question and also consumer credit reports which will give details on the business owner(s) behind the business. You can easily obtain information of electoral roll, CCJ and derogatory information, credit search history, demographic profile, address links and credit score via an online credit reference agency.

If you may need any further information or if you have any questions please do not hesitate to contact me via twitter @creditserve, on LinkedIn at Martin Brown or Email martin@creditserve.co.uk