Is Your Business Protected from Credit Risks?
Earlier this month, Forbes published a great article on “protecting a business against partners’ credit woes”. The article eluded that, while commercial bankruptcies have decreased the past three years, they are still on pace in 2012 to eclipse pre-recession levels. In many cases, these bankruptcies are caused, or at least influenced, by poor credit decisions companies make regarding their customers, vendors and other business partners.
According to a study referenced in the article, accounting professionals revealed that approximately two-thirds of business clients don’t do enough to ensure creditworthiness before extending credit. That’s where we come in.
Commercial Credit Reporting Solutions
In addition to the credit reports NCO Credit Services offers on mortgage borrowers, did you know we are also a provider of Experian commercial credit reports? These reports can go a long way toward assessing and mitigating your risk when extending credit to commercial clients, vendors, etc. We offer a variety of reports to evaluate both businesses and their owners. Contact us for more info.
What’s Your Story?
What have been your experiences, positive or negative, when extending credit to commercial entities? Have you been as thorough as you should have, or could you have done more? Comment below to share your story!