Collect the right information before extending credit
Over the years, our debt collection specialists have worked with many clients who seek credit risk management information. In this time of technology, where information is readily available and at your fingertips, it helps to know which information service companies offer the best, most reliable information served in a format you can easily use.
Each of the four companies we’ve spotlighted in this post offer different products and price points. The amount of credit you’re extending will determine what product best fits your needs. Keep in mind, when granting a large credit amount, the information you’d gather from these companies would only serve as a starting point. Additional sources and independent verification would also be needed.
The following is a very brief description of 4 options for commercial credit information and financial intelligence composed from the promotional material of each company. In alphabetical order, we start with:
Cortera describes itself this way:
Cortera is the online source for commercial credit information and financial intelligence on over 20 million businesses of every size. In 2009, Cortera created the first online community enabling everyone — from both small businesses to large organizations — to monitor, rate and exchange comments on the payment performance of virtually any business in real time. Cortera is unleashing the power of the Internet to transform the world of business credit reporting. Free credit reports on millions of businesses are now available at www.cortera.com.
2. Dun & Bradstreet
D&B touts a long-standing reputation for enabling companies to “Decide with Confidence® for 170 years”, delivering results that people can trust. Their “global commercial database contains more than 200 million business records” making D&B “the most comprehensive global database of its kind.”
D&B offers a wide scope of services from fulfilling the request of a single credit report to an entire enterprise-wide solution.
With a D-U-N-S number, clients can even track a business throughout its life and history so that customers and prospects never get lost.
Experian is a global provider of insight into individuals and organizations that offers credit services, decision analytics, marketing services and interactive. Like the other companies listed in this post, Experian has an extensive database of information that serves as a tool for managing credit risks. Experian’s credit services “helps organizations to acquire new customers for credit products, to predict and manage credit risk, and to reduce their exposure to bad debt and fraud.”
A.K.A. Infogroup provides credit rating scores, types of business, ownership, nearby competitors and more. Like the others, any size or type of business can be found in their exhaustive database – even the small Mom & Pop shops found nationwide. With their new UCC and legal filing data, you can learn if a company has filed for bankruptcy or has a lien on its assets.
It’s easy to dig deeper into the scope of services of each company by visiting the websites or by talking to a representative from each company. Infogroup and D&B even offer an online chat for basic queries.
What do you think? Have you used the services of any of these companies? Let us know about your experience by posting a comment.