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Experian SA launches Business Check

13 November 2014 Michelle Beetar, Experian SA
Michelle Beetar, Managing Director of Experian SA.

Michelle Beetar, Managing Director of Experian SA.

Fast and easy access to online business reports and director information.

Experian South Africa, the market leader in business credit information, has introduced a new online service called ‘Business Check’ that gives business users fast and easy access to online business reports and director information.

Businesses will not only be able to view their own business credit report and score conveniently but will also be able to use this service to check the credit data of the commercial customers they are dealing with, the individuals behind those businesses and whether those customers are likely to pay on time.

“It has become crucial in today’s challenging economic environment to understand who you are dealing with. By not knowing who you are working with and not seeing a credit report for a business, you could miss vital information that may affect their ability to pay you. Not every customer will be financially stable and you could easily find yourself chasing owed money,” says Michelle Beetar, Managing Director of Experian SA.

Over recent months, Experian has witnessed a substantial increase in the number of consumers checking their credit reports. Regulatory changes including the latest ‘Credit Information Amnesty’ that came into effect earlier this year seem to have inspired consumers to check their credit reports regularly. It is equally important for businesses to do the same.

A business credit score can play a vital role in helping businesses secure finance. If a business is looking to expand and is seeking a loan, its business credit score may affect how much a bank is willing to lend, or even if they are willing to lend at all. This will also affect the repayment terms and pricing offered by the facility/loan provider. Businesses that check their credit reports to understand how they will be viewed by lenders before they apply for a loan will be in a better position of securing the loan. They will be able to ensure their business is represented accurately so that they can negotiate the best credit terms or take steps to improve their business credit score in the future.

A business’s credit report is also used by suppliers and potential business customers, giving them a view on how that business operates, how financially robust it is and whether it pays its bills and suppliers on time. It can be the deciding factor in whether or not those other companies choose to trade with the business in question. It is, therefore, vital that businesses check their credit reports and address any issues before they bid for a contract with a potential new customer.

Experian SA’s newly launched Business Check also enables users to monitor changes in the credit information of their own customers and suppliers on an ongoing basis through email alerts. This is vital because it will give businesses early warning of potential problems or sudden changes in customers’ circumstances, enabling them to stay on top of their accounts and take timely action with those businesses that may have problems paying their invoices.

Beetar, urges businesses to be proactive when it comes to knowing the financial stability of who they are dealing with and emphasises that prevention is better than cure.

“Credit checking is not just for banks and lenders. Unless you get paid up-front, you are providing your business customers with credit.”

“We are excited to be extending our service channels to the commercial trade community, and are pleased to be able to provide easy and convenient access to vital information that will assist businesses in understanding how their creditors see their business as well as help them in managing their own credit risk,” said Beetar.

Business Check is a self-service website that is available 24/7 on a pay-per use or subscription basis. The website is mobile enabled providing you with direct access via your smart phone or tablet.

The service allows users to instantly check a business credit report online, allowing them to make quick and informed decisions about who they do or do not do business with. Users can login, search for the business or director they want to check, get an instant report and see a clear picture of a company’s financial status and directors behind those companies.

Business Check offers an overview as well as a full business report which includes business identification and company registration details, public record information, credit rating, detailed payment information, banking information, list of principals/directors, trade references, deeds information, court judgements as well as enquiry history.

For more information on Business Check please visit https://businesscheck.experian.co.za

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