Why do I need a credit monitoring service?
For your own Business:
Your credit score allows businesses to assess how risky you are when applying for credit and thus, whether the credit will be provided. Monitoring your credit score is extremely important due to the number of businesses that rely on the score to provide funds which in turn, increases revenue for business owners.
Using this service will enable you to stay on top of your credit score and we will notify you when your score has changed. Your will be able to see what might have caused the change and amendments can be made accordingly. Using a credit monitoring service will provide you with an understanding of the financial health of your business and a true picture of what is really happening. The early warning of financial risk will enable you to manage the changes and assess the long term result and thus, can highlight the early signs of insolvency.
The monitoring service also adds an extra level of security; it informs you of anything that is out of place such as when hard checks are being made and fraud may be taking place or anything that can affect your business negatively.
For your customers:
Customers can check that your business is reputable so that they can ensure that their money is being dealt with as promised. Using this service means that customers can feel relaxed when dealing with your business and when making payments up front. Having a good credit score will inform the customer that the business is successful and has a hold of its debt and thus, is likely to provide a good service. Good financial health will give customers confidence in your service.
For your suppliers:
Suppliers can assess whether you will be reliable when paying for goods or even still be active when the amount is due. This is vital when large amounts are involved and when payment is often delayed until job completion. If suppliers can see that your business has a good credit score and is in good financial health, then greater business relationships can develop with better terms and rates. As a result from this long term contracts are more likely to take place with greater commitment from suppliers.
For your competitors:
You can also check your competitors credit score and monitor their success. This can help you assess your position In the market you are in and changes can be made to improve your position. Using the credit monitoring system will also enable you to assess where and why your competitors are more or less successful than you. If you have a good credit score then this can also be used to sway clients towards your services rather than your competitors.