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Credit Reporting Agencies

What are credit reporting agencies?

Credit reporting agencies are the credit bureaus responsible for thoroughly assessing the credit viability of businesses you trade with. Extending a line of credit has inherent risk but you can manage that risk when you know what to expect and plan effectively for the times when your risk may be higher than usual.

The key is not only having access to business credit reports, but knowing what to do with the information and learning how to effectively manage your accounts receivables process. This will help minimise the time wasted on chasing invoices and maximise your areas for business growth and stability.

How is CreditorWatch different?

CreditorWatch is more than just a credit reporting agency. Not only are we capable of providing you with a copy of the credit report and score for any of your Australian debtors, we also offer a complete suite of receivables tools.

These include the ongoing credit file monitoring of your existing debtors, early warning notifications of changes to their credit history, as well as assistance and guidance when you need to register a default against a debtor or send out letters of demand.

Most small and medium business owners throughout Australia are owner operator outfits who manage their own accounts when their working hours allow time. When you have a small debtor list of reliable business partners, this is usually fine. There may be room to tighten up accounts receivables processes with central reporting tools and automated invoice reminders, but generally keeping the books up to date is manageable. Well, that is, until the one time that it isn’t.

CreditorWatch is a unique credit reporting agency as we have focussed on technology to deliver an intuitive and online receivables management solution that allows you to streamline and automate your credit reporting processes.

CreditorWatch collects information on your debtors from traditional sources utilised by credit reporting agencies including the Australian Securities and Investments Commission (ASIC), the Australian Business Register (ABR), Australian Financial Security Authority (AFSA bankruptcy data), as well public records available from Australian Courts. However, we also aggregate data from sources of data not accessed by other credit reporting agencies, these include from our own customers in the form of payment defaults, credit enquiries and receivables data, debt collection agencies and accounting software providers like Xero and MYOB.

Searching for credit information from a reputable reporting agency can also reveal important things about your own business. If your business has been the victim of identity theft, you may not immediately know about it. By ensuring that you regularly check your own credit scores, you can ensure that you have a complete picture of your business health at all times.

To discover how CreditorWatch can help you to tidy up your list of debts and debtors, why not register for a free trial. The trial account will give you a taste of how easy it is to keep your books up to date and plan accurately for the future. Click here to register your business and find out why CreditorWatch is more than just a credit check company: https://creditorwatch.com.au/how-it-works.