Credit information for businesses
Credit information for businesses is a service that enables companies to make informed decisions about the terms on which they should trade.
The old adage ‘forearmed is forewarned’ speaks volumes when it comes to a business’s financial security. Prior knowledge of danger and risk helps you determine a strategy for offering lines of credit.
Particularly in the current economic climate, it is prudent for businesses to find out as much information as they can about the companies they sell to, and also those they buy from.
Credit information gleaned from credit reports gives businesses the intel they need to decide how much credit they should offer a new customer, the terms of that credit facility or if, in fact, they should insist on payment up front for complete security.
Check your customers and suppliers with a credit report
For full transparency it is advisable that you credit check both your customers and your suppliers using a credit report. While the focus is often on credit checking a potential customer to avoid the prospect of bad debt, it is also important that you credit check your suppliers.
If you’re unaware of a supplier being in financial difficulty you could face a sudden interruption to your supply chain which can lose you customers and much needed revenue. It can also take some time to find a new supplier, particularly one that is prepared to agree the prices you have included in your costings or the delivery terms that you need to maintain your own service levels.
A credit report gives you a significant amount of important information about a company. Here are the basics:
- A credit risk score from 0 to 100. The lower the score, the higher the risk.
- A suggested credit limit
- Ownership and group company information
- Director details
- Shareholder information
- Key financial data from the last three years’ filed accounts
- Any county court judgements (CCJs)
Access credit information for businesses with Top Service
Top Service is a credit reference agency dedicated to the construction sector. We provide credit reports for businesses that detail all the information you need about a potential customer to decide whether to offer credit, and if so how much. It will also tell you whether a potential supplier poses a risk to your business.
We are unique in that our credit information service is membership-based, without tie-in contracts. As such, our services stretch beyond standard credit reporting.
Our members benefit from unlimited access to our credit information. Regardless of the number of credit checks you do, the price and service levels of your membership remain the same.
Credit scores made easy to understand
When you are checking a limited company, each Top Service credit report includes a credit score that is clearly identified and easy to understand.
The Risk Analysis section includes Today’s Credit Risk Score. It is important to note here, the use of the word ‘today’. It is advisable to check back regularly on customers or suppliers that significantly impact your revenue, as a credit risk score can be subject to change.
The credit score will clearly identify if the company is a high credit risk (a score of 0-15), a higher than average credit risk (16-35), an average credit risk (36-75) or a lower than average credit risk (76-100).
You are also provided with a suggested credit limit based on a company’s credit history which can be viewed from the report. CCJs are identified in the Risk Analysis section, broken down as exact, probable and possible match CCJs. The total value of exact match CCJs is identified in the report.
Credit check any UK company
With a Top Service membership, credit information is available on every limited company in the UK, along with over a million credit reports on sole traders and partnerships.
Although Top Service work solely with construction clients, it is crucial that we provide credit information on any UK company to capture those that aren’t categorised as a construction organisation.
This comprehensive credit information provision is invaluable to our construction sector members who work in an industry with an extensive range of businesses of all sizes and varying financial histories.
What our customers say
“Top Service has become integral to our whole credit control process. It provides easy-to-use informative credit referencing, valuable up-to-date business monitoring and a highly effective range of debt recovery options.”
PREFIX SYSTEMS (SW) LTD
We provide specialist credit information for the construction sector
Top Service is the only credit reference agency dedicated to the supply of credit information exclusively to the construction sector.
We have created a membership community of construction companies, all keen to benefit from our services and offer assistance to other companies in the sector. Our database of sole traders and partnerships in the construction industry is one of the most comprehensive available.
At Top Service we facilitate an Insider Intelligence platform based on members’ trading experiences.
Our member construction companies submit real time, detailed information on how they are being paid by specific companies: if payments are late, if they’re usually slow, if there are many disputes, or if there is any upcoming court action. This exchange of information helps construction companies to avoid bad debt.
Should you require credit information about a non-limited company that we don’t currently have a credit report for, we will create one for you! We will also carry out a full investigation by contacting Top Service members in the same local area to obtain some relevant trading experiences.
Our unique service of providing credit information exclusively to the construction sector positions us as experts in the prevention of bad debt in what can sometimes be a financially volatile industry.
What sets us apart from the rest
Unique, industry specific, trading experiences
Experts in prevention & recovery for the construction industry
Unrivalled customer service levels
Tailored recovery services geared for the industry you are in
Specialist retention collection service
No contract to sign – you are not tied in
Membership Benefits
Becoming a member will give you access to the industry’s most invaluable credit information and arm your credit controllers with everything they need to make the best decisions for your business. You will also have access to our exclusive recovery services which will help you to keep the cash coming in. Being a member has many benefits
Thousands of your fellow construction industry traders are currently benefitting from being a member. Can you afford not to benefit yourself?
- More informed
- A competitive advantage
- Reduced bad debt
- Fewer problem payers
- Improved cash flow
FAQs
How long does a Top Service membership last?
A Top Service membership doesn’t tie you into a contract so there is no minimum commitment period. For more information about membership, contact us through our membership page.
What does the trading experiences information look like?
Take a look at our Trading Experiences page where you will find an example report. You can expect to find out factors such as will your potential new customer pay you on time, do they raise a lot of disputes, have they approached you because a competitor has put them on stop, do they generally pay their invoices slowly or constantly need pushing, and much more.
How do I keep up to date on how creditworthy a company is?
We let you know of any changes through customisable notifications, or you can simply run a new credit report.
How do I get in touch?
Please use our online contact form or call us on 01527 518800.