Aristotle Onassis, prominent Greek shipping magnate, once said: "The secret of business is to know something that nobody else knows." At Compuscan, we share this sentiment and continuously seek to uplift our client's businesses by equipping them with valuable knowledge and vital insights. It is our goal not only to support our clients with the most advanced software and accurate data, but also to share knowledge essential for the expansion and strengthening of their business.
Earlier this year, in line with this goal, we added property and director data to our already extensive database. It is our belief that the more information a business has at their disposal, the more enlightened a decision they can make.
This is particularly true for credit providers who need to establish the level of risk associated with a lending decision. However, when granting credit to a business, determining this risk can become increasingly complex. The financial position of the company's directors, auditor information, associated businesses, properties owned and credit history all influence whether or not a business decision will be profitable.
In order to facilitate access to the wealth of business data needed to make a sound lending decision, Compuscan has added comprehensive Commercial Credit Information to its hub of product offerings. The Commercial Credit Report provides an overview of key business information and gives insight into the credit status of all companies registered at the Companies and Intellectual Property Commission (CIPC).
Our Commercial Credit Reports include definite and possible matches which enhance the likelihood of obtaining information on a particular company, even if the subscriber has limited search details. If a definite match is found, the subscriber will be provided with the information available on the bureau database, including the company name and number, its registration date, start date, VAT number and status.
The reports also contain extensive company information such as the company's type, its financial year-end, its industrial classification as well as the number of authorised shares. Complete property and bond information is also included, which provides greater insight into the financial stability of the company and its ability to manage larger financial commitments.
A company is only as strong as those at its helm and an integral element that needs to be examined when determining the risk associated with a business is the risk related to the principal members. Our Commercial Credit Reports contain comprehensive principal information and link to the principals' complete credit reports to ensure you have access to vital information on those you are doing business with. A company credit score is also given, which reflects a combined score of all the active principals and gives an indication of the level of risk involved in terms of a company's principal members.
Many a business has met its demise as a result of poor associations. However, receiving full information on the businesses you are associating with is only the first step in protecting your business. To truly make an informed business decision and an enhanced risk assessment, you also need to have an understanding of the network of companies associated with a particular business. Our Commercial Credit Reports ensure you have access to this complex array of information by providing details of associated companies connected to principal members such as company names, numbers, status, type, appointment date, principal contribution and status.
Other information provided includes auditor information, which details the company's affiliated auditors and includes the name of the auditor, their profession, their practice number, type and address, as well as their status, indicating whether the auditor has current connections with the company.
Furthermore, information on commercial judgments reduces exposure to risk by establishing whether the company you wish to enter into business with has had legal action taken against them as a result of non-payment. The Commercial Credit Report indicates whether the company has had any judgments issued and includes comprehensive information such as the court, which issued the judgment and the reason that it was issued.
By utilising the above information in a risk assessment prior to making a business decision, companies can ensure they have a better understanding of who they are partnering with, marketing to, buying from, selling to or associating with. By utilising our Commercial Credit Information providers, wholesalers and retailers that offer services or goods to businesses on credit can protect themselves from loss by reviewing a business' credit history, and credit providers who provide credit to consumers can determine the stability of an applicant's employment by reviewing the commercial information of the applicant's employer. Furthermore, rental agents can make use of our Commercial Credit Reports to determine a company's payment behaviour and current credit commitments before leasing them a property. In addition, transport companies, banks and telecommunication companies can also enhance their decision-making with the information provided in our commercial reports. In essence, our comprehensive commercial data can provide business insight necessary for decision-making in almost every business arena - a vital tool in today's complex information age.
For more information on our Commercial Credit Reports, contact Compuscan on (021) 888 6127 or e-mail info@compuscan.co.za.
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