2012 Top Reliable Sources Of Credit Data

The European debt crisis is predicted to dominate 2012, while British economists warn that the UK will likely slip into recession already in the first months of the New Year despite a slight increase in the national economy in 2011. In times like these, conducting business with financially unstable firms can lead to detrimental consequences for both parties. A smart way to protect your financial well-being is to check your new partners with the help of credit report bureaus. But before you order a report, ensure they collect data on businesses from reliable sources, including the ones listed below.

Resource 1: Companies House

This statutory authority is responsible for incorporating and dissolving public limited companies, analysing and storing information on them delivered under the Companies Act of 2006 and providing those data for credit report bureaus and the public. As all limited companies of England, Wales, Scotland and Northern Ireland are registered at Companies House, make sure the agency you are conducting a company director search with collects data from this reputable organisation. Information provided by such agencies is usually 99.6% accurate, which allows you to make an informed decision about the amount of credit to be granted and terms to be set. The Irish Companies Registration Office (CRO) is the counterpart authority in the Republic of Ireland.

Resource 2: County courts

These independent organisations make available accurate information on any county court judgements (CCJs) issued against companies that fail to pay back money they owe. This is a simple way for moneylenders to claim the sums they are entitled to. Details of CCJs remain on the register for as many as 6 years from the date of the judgement unless a business pays back the amount of cash in full within one month. If the debt is paid in full after a 1-month period, the judgement will be marked as satisfied on the register but will stay on it. These data from county courts are essential for a thorough company credit search as they help assess your partner’s trustworthiness, their current and recent financial standing.

Britain’s economy is predicted to demonstrate the same growth level early in 2012 as it did in 2011 because of numerous domestic and Euro zone challenges. Companies looking to expand their business are recommended to be extra cautious until the situation stabilises on both markets. Even businesses that appear to be financially viable should be checked, and only reliable resources of information should be used for that. How well do you know your partner?