Business credit checks

Data is the key to making good calls in B2B lending. One way to ensure you have the information you need is by using a business credit report service. Experian’s BusinessIQ platform includes business credit reports as standard. These provide instant access to in-depth UK credit reports on small businesses and sole traders through to large PLCs. You can also get international credit reports as an add-on if you need them. 

Not all business credit reports are the same, so it’s important to assess quality when choosing a service. Reports that cover a business, as well as its owners and directors, are crucial for spotting potential fraud and financial crime. At the same time, an easy-to-follow overview of a business’s finances coupled with analyst comments helps you make quick confident decisions. Business credit reports containing Commercial Delphi Credit Score trend information are also valuable for gaining an understanding of long-term performance.  

Drilling deep to determine a business’s financial stability is crucial but taking a step back to view the wider picture can help you spot risks on the horizon. Comparing Delphi scorecards against the wider business population can help to provide context for decisions, for instance, while reports on shareholder information can give you a different perspective. You could even opt to receive commercial credit account information sharing (CAIS) to see how your prospect pays other businesses.

Ensuring that your team has access to high-quality business credit reports has several benefits. Most importantly, it improves overall decision making, reducing risk and avoiding the prospect of bad debts in the future. It also boosts efficiency by minimising the need for lengthy research while auditable reports storage improves governance. Finally, understanding a business’s financial circumstances enables you to tailor your offer to its needs, improving uptake. 

Reporting requirements for companies vary widely across the world, so it can be difficult to locate the level of information required to make sound credit decisions. Experian’s International Credit Reports service provides reports in a standard format that’s familiar, irrespective of local reporting norms. This ensures that information is easy to understand even if you have no knowledge of overseas accounting practices.

When choosing a source for international credit checks, it’s important to discover where the data comes from and whether it’s up to date. Experian benefits from local expertise by gathering freshly investigated data direct from its local bureaus and partners around the world. Its International Credit Reports service is available for 238 locations around the world. Data for the world’s biggest economic powers is available directly online, while newly compiled reports are available for other nations. 

Before you sign up for an international credit report service, think about what data you need. Do you want to verify a business’s identity? Or perhaps you need a credit report and summary of its debts? Legal judgements, claims or injunctions might also be relevant. You might also require a complete profit and loss breakdown or specific details about senior management. Calling on specialist advisors, like those at Experian, can help you understand what information is important and where you can find it.