The information provided by us often includes so-called creditworthiness assessments (scores), which uses information and assessments from the past to generate a forecast of solvency and payment default probabilities. The scoring is based on the information we have on file for the respective person or business entity.
The following categories of data may be used for the scoring:
- data on the size of the organisation
- industry type
- age of a company
- number of employees
- payment behaviour
- accounting information, e.g. balance sheet, profitability statements and contingent liabilities
- corporate links
- address-related data (publicity of address and name at the address), address data (information on non-conforming payment behaviour in the address environment)
- information gathered from contractual partners of Creditsafe.
Ledger Management
Creditsafe’s clients provide its 3D Ledger and Ledger Insights products with their own accounts receivable ledger data. Creditsafe then combines it with its live international business data and over 300 million trade payment experiences to provide it with the means to prioritise its collections and gives a view of the risk of default.
Compliance Checks
Creditsafe provides checks on businesses and individuals for the following compliance reasons:
- Fraud Prevention
- Anti-Money Laundering
- PEPs and Sanctions checks,
- Identity and KYC checks
- Tracing missing persons
- Compliance Alerts
These products take the name of the business, the names, country of residence and date of birth for current directors of the business and any ultimate beneficial owners and screens them against various anti-money laundering sources, such as global sanctions regimes, national law enforcement agencies, political exposed persons lists and AML relevant adverse media.
It should be noted that the product displays possible matches. It is up to the client to investigate further to either confirm or reject the match.
Exceptions
Exceptions is the interpretation and notification to clients of existing data measures but analysed in a way that may suggest an activity, or event, that may require further investigation. Examples might include:
- Company changes address 3 times in 6 months.
- Duplicate accounts are filed with the national registry.
- Change in management shortly after registration.
- Resumption of activity after bankruptcy
- The company is obliged to file annual accounts but does not file.
Data that sits in Creditsafe’s global databases is analysed against a set of defined global and local rules to highlight anomalies that may warrant further investigations. The alerts that are created will be communicated to the client by the Connect API, or by customisable notifications by email. It is then up to Creditsafe’s customers to decide to investigate further and, if necessary, take further actions.
Data Matching and Enrichment
Creditsafe receives business information data from a number of sources, as indicated above, and then uses its proprietary algorithms and technologies to cross reference, match and append this data, thereby providing a more complete picture of any organisation or company director and shareholder. Typically the data provided is restricted to Director name(s), director’s date of birth (month and year), business address, website addresses and business telephone numbers as well as basic financial information about the companies, including a credit score.
Prospect Lists
Creditsafe uses the business information data gathered from a number of sources, as indicated above, and then sorts this data to provide its customers with a list of businesses that match their own criteria. Typically the data provided is restricted to the Company name, business address, website addresses, business telephone numbers, director name(s), director’s date of birth (month and year), as well as basic financial information about the companies, e.g. revenues, as well as a credit score.
News Search
Creditsafe provides its clients with the ability to search for newspaper articles and other media sources that reference the companies, or directors, that they are interested in trading with. Data is inputted by the client and Creditsafe uses a powerful search engine to source relevant articles.
