CREDITORWATCH | 3 MIN READ
CreditorWatch has recently introduced a new product, Bankruptcy Plus, in light of customer feedback. Just how valuable is this new tool and is it worth adding on to your subscription?
Over two years in the making, Colin Porter, founder of CreditorWatch, has been lobbying Australian Financial Securities Authority (AFSA) to gain access to bankruptcy data. Not too long ago, this useful bankruptcy data wasn’t widely accessible. Finally, CreditorWatch, with the support of AFSA, has been successful in being able to provide existing customers with this valuable bankruptcy data which can dig deeper into the past behaviour of a sole trader, trustee or guarantors.
Did you know: More than 30,000 bankruptcies occurred in Australia between 2016-2017. Queensland was the worst state as it was responsible for more that 9,000 of those bankruptcies.
For a flat monthly fee, Bankruptcy Plus is the best way to determine an individual’s behaviour in the past and helps you to avoid risky partnerships. The model provides bankruptcy data from over 7 years and refreshes every 90 minutes, providing our customers with real-time information.
How can this product benefit you?
- Affordable, accessible data. Previously, bankrupty data wasn’t widely available. The data was expensive and one-off and therefore, often not utilised. With CreditorWatch, this information is now accessible at a flat monthly fee. Bankruptcy Plus proactively flags possible bankruptcies and allows you to search across multiple individuals so that you are never left in the dark.
- Bankruptcy data is integrated into credit reports. There is no need to sign into another platform. This data will be centralised all within your CreditorWatch account and easy to find for people of all technical capabilities. When performing a commercial credit report, you’ll be able to see if any of the directors or proprietors are a possible bankrupt.
- Deeper search. Only interested in an individual? Use Bankruptcy Plus to run a search on individuals such as company directors or guarantors, to be sure that you have covered all bases.
- See who is still operating even though they are bankrupt. From time to time, bankrupt directors slip through the cracks and are still operating their companies even though they are bankrupt. It’s vital that you learn this information before entering a relationship with these individuals as it could pose a serious risk to your business.
- High match algorithms. A single individual can have multiple ASIC records as a director – name variations; different addresses or even dates of birth. Our algorithms deliver a high match rate to ensure you don’t miss any of these records.
How could Bankruptcy Plus change the way you manage credit risk in your business?
In a recent webinar with Managing Director of CreditorWatch Patrick Coghlan, 84% of attendees said that they currently don’t use bankruptcy data. However, more than 90% responded that they were interested in the new product due to its accessibility and affordability.
Having access to valuable data is a major benefit for CreditorWatch customers. “At the end of the day, the more data we have, the more customers we’ll have. The more customers we have, the more data we’ll have. It’s a virtuous cycle,” commented Patrick.
Need a bankruptcy datawash?
CreditorWatch can also perform bankruptcy datawashes. This is an ideal solution if you deal with a lot of sole traders and partners or have guarantees in place.
For more information about Bankruptcy Plus and to ask about Bankruptcy Datawashes, get in touch with your account manager or contact us to activate.
02 8188 2025