Last week on the blog, we spoke about some of the design considerations that went into building this feature. We are delighted to announce that company credit reports are now available on Duedil.
A big part of our mission at Duedil is to empower businesses to make better, more informed decisions. We started this just over two years ago when we opened up key information on millions of companies in the UK and Ireland.
Our research shows that an average of 258,000 companies close down every year in the UK*, with insolvent companies leaving billions of pounds in unpaid debt. While company failure is a natural part of any economy, it is possible to reduce your exposure to such situations. Monitoring the health of your customers by conducting a thorough credit assessment before any new deal is the easiest way to minimise your chances of being affected by the fallout of a trading partner becoming insolvent.
With this in mind, we wanted to bring credit assessment onto Duedil. This idea was validated by our users; while we get requests from our users for a myriad of different features, the most commonly requested was credit reports.
To understand why there was such a demand for Duedil credit reports, we first looked at the market. We reviewed dozens of company credit reports from other services and found that they varied markedly in price, content and usefulness. Formats ranged from downloadable versions to those that were only viewable in the browser.
Some services did not allow you to check basic company information before purchasing a credit report, causing you to be uncertain as to whether or not you would be getting what you paid for, while others sell different versions of reports according to how much you are willing to pay.
After reviewing these reports and incorporating your feedback, we established what we think is required for an effective credit check. We also identified what we could do to improve on the current standard.
Most importantly our reports needed to be both straightforward and thorough – suitable for both credit controllers as well as small business owners who need to make informed decisions, with an objective measure to back them up.
We also came up with some useful ways of comparing a company’s credit score to those of a similar size, in its local area, and in the same industry.
A company credit check should be exhaustive, which is why a Duedil Credit Report contains a comprehensive credit assessment and in-depth insight into every aspect of a company’s operation – all the information you need, at one price – £9.99 +VAT.
A Duedil Credit Report tells you how likely it is that a company will become insolvent in the next twelve months, rates company creditworthiness, and provides a recommended credit limit.
Information included in a downloadable report includes:
- Company identity and basic information
- Credit score and credit worthiness
- Credit limit
- Recent influential factors
- County Court Judgments
- Financial accounts dating back over the last three years
- Company officers – current and previous
- Shareholder details
- Outstanding and satisfied mortgages
- Corporate family tree
- Document filing history
In addition to a downloadable report, you will have access to a company’s online credit profile for 30 days. This means you’ll be able to see the company’s credit score benchmarked against companies in the same industry, region, age group and with the same number of employees – previous credit scores and limits are graphed so you can see how a company is performing over time.
Duedil Credit Reports are available to purchase via any company profile. For more information on our Credit Reports, see our FAQs.
*analysis of company dissolutions 2001-2010.