News Article

Credit Management

Experian product helps SIG support directors returning with new businesses

By CreditMan Thursday, March 3, 2016

Construction industry supplier SIG and Experian have developed a new tool which helps to swiftly welcome new customers while flagging up potential ‘phoenix companies’.

The global information services company developed a product for SIG which allows them to identify directors they have supplied in the past while at another company. Directors with a good payment history are rewarded by being fast-tracked through account opening, while SIG is also alerted to directors who they have had a bad debt experience with in the past.

SIG can easily see all directors and their previous directorships on one page to quickly make an informed credit decision. SIG is the first company to use the service from Experian, which will be available across the industry in the coming months.

Simon Johnson from SIG said: “We welcome hundreds of new customers every month, often encountering directors who we have worked with in the past at different companies. It seems only fair to take into account the good payment history of directors who we know have been reliable in the past or who we are currently dealing with under a different business entity. We’re also being alerted of phoenix companies which may cause us to think twice and who are often cited by our long standing customers as responsible for undermining the market. Our work with Experian on this product means we can save customers time and support their business from an early stage.”

Experian’s Max Firth said: “Dealing with a new customer is important for any business – you want to begin serving them quickly and efficiently, but first you need to make the right decision on credit. SIG wanted to understand when previously reliable customers returned with a new business, so they could use their positive payment history to make the process smoother. We have created a product which will help SIG get off to a strong start when they win new business.”.

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