Creditsafe Launches New 'Blended Score' Report
Reduce the risk of late or defaulted payments when trading with non-limited companies.
Creditsafe, the business intelligence experts, has announced the launch of a new Blended Report product to further reduce the risk of late or defaulted payments when trading with non-limited enterprises. Creditsafe has partnered with Callcredit Information Group, a leading provider of consumer credit reports and market intelligence, to source the personal credit report data. The Blended Score, developed by Creditsafe’s market leading analysts, is an algorithm that takes an individual’s personal credit score and combines it with key metrics from their Creditsafe non-limited credit report to calculate an aggregated risk assessment.
Creditsafe’s new Blended Report product cross references data held on Creditsafe’s non-limited company credit report against a personal credit report for senior executives listed. With consent and Data Protection Registration (DPR), the credit score verification process enables financial directors, credit controllers and others users of the product to make informed decisions as to the financial health of an enterprise via a comprehensive rating, the ‘Blended Score’.
Liability for credit extended to non-limited companies lies with the business owner or senior executive of the enterprise under existing legislation. Given this position the individual’s personal credit history is a valuable indicator of their ability to meet the financial obligations of the business in which they are involved. The Blended Report will display both corporate and personal judgements relating to the business owner, as well as detailing any insolvencies and previous credit searches that have been undertaken, to give a clearer indication as to the credit risk involved in trading with their enterprise.
Chris Robertson, UK Managing Director Creditsafe, commented: “While Government regulation has eased the reporting burden on non-limited companies, reducing red tape, it had also reduced available information for firms seeking to assess the financial health of these enterprises. Audit exemptions and reduced accounting thresholds for SMEs mean data held at Companies House is wholly insufficient to make an informed assessment of the financial viability of a non-limited company”.
“The Blended Report innovation helps bridge the information gap, enabling companies using our system to make more informed decisions regarding the creditworthiness and financial viability of non-limited enterprises by creatively combing relevant corporate and personal finance data sets.”
Peter Mansfield Managing Director at Callcredit commented: “Callcredit values highly the key strategic partnerships it has with organisations such as Creditsafe. By combining our resources we have been able to create something which is truly innovative in the marketplace. The new blended report will deliver invaluable insight to financial directors, credit controllers as well as lenders to help them assess the creditworthiness of non-limited companies providing greater confidence to all parties concerned”.
Callcredit is a leading provider of consumer credit reports, utilising public data sourced from electoral roll offices, county courts and the Insolvency Service, in addition to data provided from all major banks, building societies and other lenders relating to an individual’s credit history.