Tel: 01424 217698 or 07971 996658 Fax: 0845 127 4385
E-mail: Rycroft Associates
Why use them? well for a company that you don't know the answer is fairly obvious (assess their performance history, check if they have a string of CCJ's (county court judgements) against them or anything else that may suggest that you are risking your money and possibly livelihood if it is a big contract).
But, what happens if you have known them for years?? I see as many people get caught out by long standing customers as those that get caught with new accounts.
However, the reality of the situation is that they probably don't want to let any of their suppliers down, but if they get caught with a substantial bad debt or maybe they lose a key contract, then they may have no choice but to declare bankruptcy.
Whilst a credit report will not warn you of every situation, there are many occasions when it will alert you to a problem. For instance, rather than just get a report once a year
have you consider using an alert system - this works very simply, you record which accounts you want to monitor and if any changes are made to the company report, then you are notified.
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| Benefits -
The different systems available:
Standard report:- this gives you the latest filed accounts, charges registered, basic information (name, address, registration number - very important to check that you are dealing with the correct company, etc), and an analysis of the accounts in the form of an opinion of what credit limit to set.
Monitoring system - on top of the above, it is best to add the buyer to your account and then if any changes are made to the report then you will be notified - this has two functions, to advise you that there is a problem or to advise you that this company has recently filed accounts, the outcome of which means the recommendation of a higher limit (a good reason to go and sell them more goods).
So, a credit report can save money by helping you to either avoid or reduce bad debts and help you increase your sales.
Report costs could be as low as £4 each (for 100) or for unlimited access £700 this clearly is a good investment.