Product & Data - 2024 Updates

Released: December 2024

We’re excited to announce the addition of Australia’s Limited Companies to our coverage of our International Monitoring alerts.

If you have existing access to our International Monitoring service, you can begin adding customers, suppliers and partners from Limited Companies in Australia to your Monitoring portfolios. Our coverage extends to over 3.5 million limited companies and allows you to detect changes to numerous events including:

• Company Name
• Address Changes
• Company Status
• Credit Score
• Activity Code
• New Accounts Filed
• Number of Employees
• Telephone Number & Website
• Share Capital

As our coverage of company monitoring continues, with the additional inclusion of China, Portugal and Greece earlier this year, we are pleased to offer significant coverage across Europe, North America, Oceania, as well as numerous Asian countries.

Details of how to add companies to your Monitoring portfolio can be found here.

Released: October 2024

Creditsafe is pleased to announce enhancements to our business credit reports in Singapore. The updates will see enhancements to our data coverage and score accuracy.

How will Singapore reports change?

There are multiple enhancements added to Singapore Reports. As a summary, you will experience the following changes:

• A new credit risk scorecard has been introduced, delivering greater accuracy in risk assessment and prediction of future default. The score range remains from 0 – 100, but the underlying score calculations will be renewed, further details can be found in the document linked below. Alongside the new scorecard, Credit Limits will also be revised, to provide a more accurate indication of risk when extending credit.
• An uplift in the availability of data across the Singapore population within previously available data points.
• New search fields for use across the Singapore population will be available.
• The Company ID number for Connect API users will remain unchanged. However, the Company ID for our GGS API users will have a different pre-fix; SG055. Please see the examples below:

Example of former GGS ID:

SG041/X/197600660W

Example of new GGS ID:

SG055/X/197600660W

• Some data within the report has moved from one section to another, or from one data point to another:
• Officials which were previously included within the Director section of the report will now appear in ‘Other Officials’.
• Winding Up Notices and Litigations have remained in the Negative Information section of our Singapore reports, however, they have new variable names.

If you integrate with one of our APIs or use our SAP App, there will be changes required to your integration to benefit from some of the new enhanced datasets. For details of new and existing data fields, please take the time to review the new Singapore Data Dictionary:

Singapore Data Dictionary

Released: September 2024

By tapping directly into the Charity Commission—the independent regulator for charities in England and Wales — we’re now able to provide up-to-date charity registration numbers in our UK company reports. This direct access means you’ll benefit from fresher data and not data manually entered when accounts are filed by these companies.

Our analysis shows a 50% increase in the number of active registered charity numbers and this number will rise even higher, giving you the most accurate and up-to-date insights.

This is just the first of the enhancements we’ll be making to our charity data. In the future, we’ll also be introducing key financial data such as Income and Expenditure, further enhancing your due diligence process.

Released: September 2024

Starting Wednesday 25th September 2024, we will no longer automatically add companies to your monitoring portfolio when you view a company credit report on our website.

Based on user feedback, we want to reduce the number of irrelevant monitoring notifications you receive. As a result, we are discontinuing the automatic addition of companies to your monitoring portfolio when you view their credit reports.

What does this mean for you?

• Manual Monitoring: You will now need to add companies to your monitoring portfolio by clicking the "Monitor" button at the top-right of a company's credit report.
• Optional Automatic Monitoring: If you prefer to continue automatically monitoring every company you view, you can re-enable this feature by clicking the "Monitor" button and toggling the Automatic Monitoring switch to green after Wednesday 25th September.
• Existing Alerts: You will continue receiving monitoring alerts for companies previously added to your portfolio.

Please note that this change does not affect API users or customers who have already disabled Automatic Monitoring.

For guidance on managing your monitoring settings, please click on the guide below.

Released: September 2024

Creditsafe is pleased to announce we have made some changes to our business credit reports in Indonesia. These changes will see an enhancement to the granularity and accuracy of our reports in Indonesia. 

How will reports change?

• A new Scorecard has been introduced for Indonesian businesses. We have moved from a 1 - 10 score range to a 300 - 890 score range, meaning all Indonesian businesses will be provided with a new, more granular score.
• Along with a new scorecard, credit limits have been revised in line with the revised scoring granularity
• Credit Limits now appear in the local currency - Indonesian Rupiah (IDR) rather than United States Dollars (USD)
• The scorecard presented for a business will be based upon the availability (or otherwise) of financial statements for that business.
• In tandem with the new more granular score, more comprehensive score exclusions will also now be available.
• Companies in ‘Liquidation’ remain ‘Inactive’ e.g. a score exclusion but are no longer categorised separately
• Additionally, score commentaries will now be available

Released: July 2024

Creditsafe are pleased to announce that a new indicator will be available in our Canadian business credit reports, for both web and API users. 

What is the Financial Trade Delinquency Score (FTDS)?

The Financial Trade Delinquency Score (FTDS) helps predict the likelihood that a company will pay its financial trade accounts in a severely delinquent manner within the next 12 months.

A severely delinquent firm is defined as a business with payments 90 days or more past due. The Financial Trade Delinquency Score uses statistical probabilities to classify companies into a risk classification from 300 to 900. This scale is based on the chance of a business experiencing the above definition of “bad” payment performance over the next 12-month period. The Financial Trade Delinquency scoring model utilizes the power of Equifax’s vast database containing information on more than three million Canadian businesses, including firmographics, public records, inquiry, industry, and small business banking trade data.

How will a Financial Trade Delinquency Score help you?

Adding the Financial Trade Delinquency Score (FTDS) to our report will provide our customers with deeper insights, enabling them to better assess risk by evaluating how customers and providers are meeting their financial obligations.

How does the Financial Trade Delinquency Score work?

Financial Trade Delinquency Score assigns a scale of risk from 300 to 900. A 300 represents businesses that have the highest probability of severe delinquency, and a 900 represents businesses with the lowest probability of severe delinquency. This number provides a direct relationship between the score and the level of risk. The marginal odds of being good, doubles for each 30 point increase. For example, a business that scores a 430, on a marginal basis, is half as risky as a business that scores a 400. This score enables a customer to utilize granular cut-offs to drive their automated decision-making process.

Released: July 2024

Creditsafe are excited to announce the addition of China to our coverage of our International Business Monitoring alerts. As one of the world's largest economies and top trading partner for countries across the world, we recognise the importance of increased visibility of business activity in China.

If you already have access to our International Monitoring service, you can begin adding customers, suppliers, and partners in China to your Monitoring portfolios. Our coverage extends to over 80 million corporate entities and allows you to detect changes to numerous events including:

• Company Name
• Address Changes
• Company Status
• New Accounts Filed
• Number of Employees
• Telephone Number & Website
• Credit Score
• Activity Code 

Creditsafe customers are now able to monitor businesses in 49 different countries globally. Click below to find out more about International Monitoring.

Released: May 2024

Our Global Monitoring service now includes Greece and Portugal bringing the total number of countries available to monitor to 46.  You can now manually or automatically monitor Greek and Portuguese companies using the "Monitor" button visible in company reports from these countries. It is also now possible to import companies in these countries to Monitoring.

In addition, we have introduced new Global Payment Behaviour and Payment Expectation event notification rules for the UK, Belgium, Germany, France, Italy, Netherlands, Sweden and USA. These will alert users to any changes in payment behaviours or expectations. To turn these alerts on, go to Notification rules in Global Monitoring and select the tick boxes under ‘Global’.

All the new functionality is also available via our Connect API. 

Released: May 2024

Our new search enhancements mean you will now experience improved results when searching for company credit reports on our platform. Search results are ranked not only on how similar the input is to the name, but by how important a company looks based on the data we have on it. Financial data, employee counts, activity status, HQ status, and legal forms all determine which companies will come ahead of others within the results.

Other features include:

• Partial postcode matching - searching the first half of a postcode will return all postcodes in that area.
• Partial regNo/vatNo matching - missing prefixes & suffixes are handled.
• Greater list of synonyms.
• New autocompletes/quick search - more information about the suggestions and better-quality suggestions.
• Same results for the same input - results no longer change when you make the same search twice.

Released: May 2024

Creditsafe will be making changes to the credit limits of French companies where no recent financials have been filed. This change will result in the recalculation of credit limits for approximately 500,000 French companies. 

Why are Creditsafe recalculating their credit limits?

As mentioned, approximately 500,000 companies will be subject to a credit limit decrease, which will result in the following adjustments across this population:

The reduction in terms of euros:
• 70% of companies involved will see a reduction of €5,000 maximum.
• 25% of companies involved will see a reduction of €5,000 to €30,000
• 5% of companies involved will see a reduction of €30,000 or more.

The reduction in terms of percentages:
• 20% of companies involved will see a reduction of 50% maximum.
• 64% of companies involved will see a reduction of 50% to 60%.
• 16% of companies involved will see a reduction of 60% to 65%. 

Released: May 2024

We are delighted to announce that Creditsafe has officially launched it's database in Luxembourg. This change allows us to greatly enhance the depth, quality and quantity of the data available within the Luxembourg reports.

Notable changes as part of Creditsafe Luxembourg data launch:

- Increase in coverage of companies with financial data

- A new negative rating value is being introduced to cover companies with failures or legal events that do not fall under our previous categories (e.g. controlled management, transfer of activities, fusion/absorption, provisional administrator etc.).

- Legal forms will change to more closely align with the chamber of commerce, and as a result, most Luxembourg companies will get a new Legal Form code.

Released: May 2024

We are pleased to introduce new data points for Swedish Non-Limited Companies, including:

• Directors (other positions) – for example, auditors, external signatory, authorised representative
• Branch offices and registered business name
• Payroll information
• Vehicle information 
• Alcohol permits

Released: April 2024

We are delighted to announce that Creditsafe has moved from our third-party data supplier to officially launch our own database in Austria. This will improve the depth and quality of our Austrian company reports and greatly enhance the data you can retrieve from them. 

New Austrian data overview:

• Company IDs have changed from the third-party supplier number to a Creditsafe SafeNumber e.g. 1552254 (third-party supplier) to AT05198145 (SafeNumber)
• New scorecard with Creditsafe score and limits
• 64% uplift in data fields available
• Group structures are available
• Company & Sole Trader data available with Associations coming in a later phase
• Increase in insolvency data
• Auditors information, historical data on names and addresses
• Local financials and key financials
• Bad debt information will be removed
• Gazette data will be removed, much of this information will be contained in the company reports

The new data will also provide updates for some of the other Creditsafe products and services:

Monitoring:

• An increase from four Monitoring events to nine Monitoring events.
• Credit Score and Credit Limits will now be monitored.
• Increasing from monthly event changes to daily event changes.

Check & Decide:

• Existing decisions will be updated to reflect the updated Connect ID for decisions on Austrian companies.

Data Cleaning:

• Data Enrichment will be available in Austria when this change goes into effect.

Our scorecard for limited businesses in Austria will change from a 100 - 699 score range, to adopt the typical Creditsafe 1-100 score range. Our statistical scorecards are renowned for their predictive power, with our new Austrian scorecard achieving a Gini coefficient of 71.