Company Reports As A Source Of Credit Data

Over 50% of Britain’s leading experts are forecasting a technical recession in 2012, and nearly 70% of those forecasters expect it to last the whole 12 months. Conducting business with unknown partners in times like these can be a very risky decision as even companies that seem financially viable may have serious problems. The first important step towards a safer financial future is to carry out a company credit check and find out as much as possible about your prospective partners.

General information

First impressions are crucial. This section of comprehensive company reports contains background information on a business you are interested in. You can find the official name of the company, its registered office address, the type of accounts filed, the amount of issued capital, the date of its foundation and all important filing dates. There are accurate data on major shareholders and the capital structure of the firm, including its type and the amount of shares issued. The company’s trading address, phone and fax numbers, auditors, SIC codes and the principal activities statement are commonly provided in the directory subsection.

Financial information

The more you know about your potential partner, the easier it will be for you to determine the amount of credit to be granted, an interest rate to be charged and terms to be set. A reputable credit check agency will make all crucial data available, including account notes, interim results, growth rates, liquidity figures, cash flow figures, balance sheets and mortgage information, to list only a few. Images of important documents will likely be at your disposal, too.

Risk information

Although company reports are arranged in the form of easy-to-read graphs and charts and you can assess your new partner’s solvency by yourself, an unbiased viewpoint on their trustworthiness can be very helpful, especially when large sums of money are at stake. You may find risk information very useful, including the details of the recent county court judgments which are traditionally issued by creditors against borrowers who have failed to pay back their debts. You can also find out their score rates during the last 4 years and the latest recommended credit and contract limit calculated by an expert team.

The British economy is currently 4% below its pre-crisis peak and 2012 will unlikely be the time of significant improvements. To make it through to better economic times trouble-free, be sure to check each and every prospective business partner even in low-risk situations. Prevention is better than cure.