3 Main Reasons to Monitor Your Business Information Reports

What is a Business Information Report (BIR)

Business information reports provide you with a wide range of credit data on your potential customers, partners, and suppliers. They allow you to research key business information of your clients and business partners such as contact details, sales figures, size, products/operations, credit summary, Uniform Commercial Code filings, fictitious business names, and payment and collections history. In addition, it contains information on judgments, tax liens, and bankruptcies.

Benefits of BIR

1. Manage Uncertainty and Risk in Business

Business information report consists of crucial details such as business registration, legal form, date when it came into existence, key owners, address, etc.  The business information report also provides details such as the submission of financial data, balance sheets, and ratios to evaluate financial strength.  All these details build an image of the business which can help you in your credit risk assessment.

2. Enable Better Credit Decision

To evaluate a business partner, the first aspect you need to check is their financial situation. You need to be sure of your partner’s creditworthiness to ascertain their ability to pay for the services received. Business Information report provides significant legal events in the timeline of your business partner such as changes that occurred in the past involving changes in the company management. Instability can reveal a few facets of the company. If the business has had significant or repeated defaults under their name, you may rethink before providing credit to them.

3. Monitor Company status

When Business information services are combined with a business credit report, it can open a whole new dimension. When it comes to your regular client, it is crucial to practice due diligence and monitor changes in the company situation that could affect your business. Keeping up to date can prevent critical events, such as a customer becoming bankrupt, or a supplier risking interruption in the production chain, a change of ownership, etc. Monitoring allows you to understand if a business partner has changed the company information.

CRIF Business Information Report

CRIF has developed a well-defined approach to business information using a scenario where decisions and risks are based on a complex and robust framework of value-added information, dynamically updated and revised. This means the creation of an ecosystem where data are linked to each other and can be transformed into information specific to different evaluation processes.

SkyMinder is the CRIF platform for Business information that enables the global market to access commercial risk data and take better business decisions on worldwide companies. CRIF’s SkyMinder business information reports enable you to:

·         Fetch business credit information report of businesses based in 230 listed countries

·         Make an efficient decision by referring the high-quality local data

·         Control Bad Debts and reduce collection costs

·         Gain better market insight by assessing your business partner’s risk level using credit rating and opinion.

·         Analyze the financial strength of a company by looking at their financial data, balance sheets, and profit & loss statements.

·         Stay updated on the financial status of a partner company

Visit the CRIF website to learn more about International Business Information services and address your security needs.