Creditsafe, the world’s most-used provider of company credit reports, has announced that it has added over 40 million new reports to its system that are now available to view instantly online. This means the Creditsafe system now provides information on over 190 million companies in 51 countries, including Australia, Bangladesh, India, Nepal, Pakistan, Russia, South Korea, Sri Lanka and Taiwan.
Moving into a foreign market can be difficult and there are many aspects to consider when expanding overseas, including a need for accurate data. To make international trading as easy as possible for its customers, Creditsafe’s company credit reports have an international score, which allows customers to compare company credit scores across the globe.
By using the same scoring range and risk descriptions for all countries, Creditsafe makes it easy for its customers to compare reports. The score is designed with simplicity, ranging from A-E, with A being the lowest risk, D being the highest risk and E being unrated. The credit score is based on the likelihood of a company becoming insolvent within the next 12 months.
Rachel Mainwaring, Operations Director at Creditsafe, commented: “The prevalence of international trading is increasing and it is now easier than ever to start trading overseas without being geographically close to your customers but this is not without risk. As UK businesses continue to focus on exports, it is now even more important to have the same level of oversight of company data in overseas markets as in the UK.
“Economic recovery may be underway but it still pays to be careful about the creditworthiness of suppliers and customers. With the international score, UK businesses have an accurate way of gleaning the information they need to build confidence in trading across borders. By using the same scoring range and risk descriptions for all countries, we have made it as easy as possible to compare reports so that customers can carry on with business as usual, with minimal delay.”
The range of information Creditsafe can obtain in each country will vary. Using official sources and registries, Creditsafe is able to quickly answer questions about a company’s stability and financial health. Where official information is not available, Creditsafe will conduct a direct interview with the business and freshly investigate.
Launched in Norway in 1997, Creditsafe has offices in the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands and the USA employing over 1,000 people and has more than 90,000 subscription customers, across the group.