How do I choose the right credit risk managers for my business ...

Any company that needs to extend or receive credit from a bank or another business knows that it is vital to rely on business credit reports. Through the business credit report, companies can gain critical information on current and future accounts before extending new lines of credit. However, the hard part is in choosing the right credit risk managers. There are many services competing for business and there are certain important factors to consider.

First, it is important to understand what goes into a professional business credit report. If a credit report isnt complete then it will have inaccurate or outdated information. Relying on these reports can have disastrous consequences or expensive mistakes when a company goes into default or bankruptcy.

In order for a business report to be professional and ethical it needs to include the following information:

Banks and lenders
Chambers of commerce
Company houses
Company interviews
Financial administrator
Marketing firms
Principle suppliers
Data from any of these sources needs to be crosschecked and filtered before it is included in the report. After the information is put into a proper context then it can provide some very useful information for a business in a wide range of areas including the following:

Company Data

Balance sheets
Banking, insurance and leasing information
Business background
Comprehensive financial information
Corporate registration and contacts
Key facts about the business
Key management and board personnel
Shareholder and stock information
Data on Credit

Banking, trade and collection history
Credit inquiries made in the last nine months
Credit risk factors
Detailed financial payment trends
Past liens, judgments, business registrations and bankruptcies
Uniform Commercial Code filing information
Evaluation of Credit History

Credit ranking score
Credit summary
Predicted payment behavior
In order for a credit risk manager to have success they need to join with a credit risk management agency that provides proper customer service with a global outreach. This ensures that you are getting a high quality product from a company with a solid record of accomplishment and comprehensive resources. Some factors you want to consider with a credit risk management agency include the following:

A client reference list including Fortune 500 multinational companies
A consistent and easy-to-read report format
Availability of instant online reports on payment behavior, shareholders structure, balance sheets, risk categories and credit recommendations
Availability of multilingual customer service representatives who know all major languages
A global database of millions of reports
No up-front fees or long-term commitments
Low costs that can help you save on bad debts and slow collections
Up-to-date reports for all countries throughout the world
If you use a professional credit reporting service then you can save money and reduce the cost of risking bad debts and struggling to find new clients when someone goes bankrupt suddenly. A professional service can help your business grow, reduce cost and move ahead with facing the ill effects of a bad business decision.

Learn more about credit risk analysis or regulatory reporting

Source: http://lmaureen.com/how-do-i-choose-the-right-credit-risk-managers-for-my-business/

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