Not all international credit reports are equal: 4 ways the right international credit reports can help your business do even better abroad
Posted on by Katie Hook
Estimated read time: 5 mins
If you already credit check your overseas customers and suppliers, then you know the benefits of credit reports. But did you know not all international credit reports are the same?
International credit reports from different providers vary in terms of completeness, speed and cost-effectiveness – which means they’re definitely not all created equal. Here are four key ways that your chosen international credit report provider can help your business do even better abroad, says Steve Marriott, Senior Product Manager at Experian Business Assist.
If you already trade overseas, you probably understand why international credit checks are important – especially when it comes to keeping financial risks in check. After all, they can help you be as certain as humanly possible that your prospective overseas suppliers and customers are genuine listed companies in their home country. They can also tell you if they’re stable and profitable companies. In other words, the type of company you should be doing business with in the first place.
But even if you know quite a bit about international credit reports already, you might think they’re all pretty much the same – and you’d actually be wrong. In fact, some international credit reports are better than others in terms of the completeness and timeliness of information you get, and the difference depends on where you get it from.
In this blog, we look at four major benefits you get from choosing an industry leading international credit report provider with all the right data, skills and experience.
1. Complete, timely information about overseas companies
Some international credit report partners hold their own data on companies in leading markets, such as the UK and USA. Typically, these industry leaders will have instant online reports available for a wide range of countries, so you won’t have to wait for the report that you need. They also partner with industry leading Credit Reference Agencies around the world, which means you can get complete company information from abroad in less time – which has to be good news if you’ve urgent partnering decisions to make.
2. Cost-effective company information from around the world
International credit reports are like anything else – they cost more if there are third-party brokers involved. When international credit report companies partner with leading credit bureaus in different countries around the world, you can go straight to the source, which means no brokers, no mark-ups, and just great value reports at the most competitive prices.
3. Fast, hands-on support for your business
Credit report providers understand the importance and the need for credit checking, both in the UK and overseas. That’s why many providers commit to strong Service Level Agreements (SLAs), helping to ensure you get your report as quickly as possible, even if something goes wrong. In addition, check that your chosen provider has SLAs for phone support and email support, with a minimum commitment of 24 hours for recognising and responding to your service requests.
4. Convenient, flexible payment options
Some companies need to access international credit reports far more regularly than others. Whatever your case, choose a partner with flexible payment options that work for both one-off requirements or for frequent requests and you’ll definitely be covered.
Why Experian Business Assist for your international credit reports?
- Experian brings you international credit reports that are fast and always complete. You can get instant online reports for companies in 16 countries – which make up 67% of UK exports1, plus same-day reports (available within 24-hours) in 72 more countries. Data from our own systems and our overseas partners supports accurate international credit reports in a total of 225 countries.
- We also help you cut the cost of international credit reports with our in-house data resources that cover the UK and US. We also have close partnerships with leading credit agencies around the world, which means no third-party brokers for those countries either, and no mark-ups that increase costs for your business. You can also choose if you want to use our pay-as-you-go option or set up a pre-pay account with us.
- Last, but not least, we’re totally committed to supporting our small and medium business customers. We aim to answer the phone within three rings and respond to your report requests the same day – which means you can always get the information you need to minimise business risks when trading overseas.
A large number of small and medium businesses are already using our international credit report service to get to know their overseas partners. To find out more, or to join them and request a report on an overseas company, click here.
Source: 1. Experian internal data.