1. Payment Data
This is where Creditsafe gives an overview of the type of Payment Data information that we’ve collected on your business, such as
- How many Trade Lines are reported?
- Is anything being reported past due?
- What’s been the payment trend over the last year?
It’s worth noting that this section can be sparse for many small businesses that haven’t been extended much credit and one of the key reasons we created the MyCreditsafe product. With any of the MyCreditsafe packages, you’ll be able to start adding payment data information to your report such as trade references and paid invoices.
2. Scores and Limits
This is where our data geeks take all the wonderful information we have on your business and turn it into actionable data. This allows other companies to easily make decisions on how they should do business with you.
The two most commonly used metrics are:
- Business Credit Score
- Credit Limit
We wish we could predict that your company (and all companies for that matter!) will be around for the long-haul and able to make good on the delivery of their payments, products and services, but that’s not reality. Instead, our Business Credit Scores use advanced statistical techniques to help determine the financial stability of your company.
Similarly, we use advanced statistical techniques to help determine a Credit Limit for each company where we have sufficient data. When another company pulls this report, they’ll often use this number as a proxy to understand if your company can handle the size of contract you’re after and the terms they'll extend for such a contract.
3. Corporate and Legal Filings Data
These sections are a bit of a catch-all for all the non-payment Legal Filings information that we have on a company, such as the corporate information we grab from their public filings, the officers of the company, any suits, liens, UCCs and judgments we have on file, etc.
Some of this information, such as the officers and the corporate address are fairly easy to update and can be critical to have correct and consistent when submitting a credit report as part of large proposal. If you haven’t taken an in-depth look at the corporate information we have on your company, get started by signing up for free alerts on your company and we'll send you more information around how to update and add information to your credit report.