Creditreform is an international business credit information provider with offices in 21 European countries and China. They provide credit reports on over 30 million businesses and are a Business Credit Reports partner.
If you are a business owner, it is more important than ever to build a strong business credit record separate from your personal credit record. Like most individuals, most businesses in the U.S. have a credit record on file at one, two or all three of the major business credit bureaus – Experian, D&B and Equifax. The strength of that credit record plays a large role in your company’s ability to obtain credit in the form of loans, credit lines or trade credit from suppliers. The interest rates and terms that accompany those programs are largely driven by the strength of your business credit history.
It may have been a while since you've done a complete review of all customer accounts. The end of the year is just around the corner. Don't let 2015 arrive before doing an annual review of your customer portfolio.
Reporting your data to the major credit bureaus and letting your customers know about it should be a company policy, not just a collections tool. It is a proven fact that companies who report to multiple bureaus and tell their customers so reduce their DSO by an average of 27%. Delinquent accounts are reduced by 40% or more.