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01 July 2014

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Bespoke Reporting - A Case Study

Our bespoke and reporting service that provides detailed information on sole traders and partnerships has helped this client dramatically reduce their bad debt ...

A client whose customer base is mainly represented by small retail shops and over 75% of those are sole traders and partnerships had previously used an online credit reporting system as their sole method of credit checking their new and existing customers. In some cases supplying upwards of 80% of their customer's stock, therefore with a large credit exposure to each customer.

Any online system will fail to compete with our bespoke reporting service when it comes to information on these types of business.  An example of the basic nature of the reports is that they cannot often confirm the legal ownership of the business. As a consequence the client was experiencing a high level of bad debt.

When we were approached by this client, one of our first actions was to rewrite their credit application form. In particular adding the facility to obtain more personal information on their customers' owners.  For example on each sole trader and partnership who are personally liable for their commercial debt, we insisted that the residential addresses were provided in each case. This then allowed us to run additional credit checks at the owner's residential addresses as well as the business addresses.

For the past 8 years we have been providing the client with fully investigated up-to-date credit reports, these reports include confirmation of legal ownership, length of time trading and experience within the industry, trade references, CCJ and bankruptcy searches, consumer and Land Registry searches. These reports are compiled at the time of the request and not from historical data as with an online system.

As a direct result of our more detailed credit reports the client has been able set far more realistic credit limits and reduce their bad debt. 



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