sibell started this topic @ 09:53 on 05/11/2004
After reading the other post about payment difficulties with a customer, it has reminded me to look into credit checks.
I have a full sales contract etc with standard payment terms of 7 days, I often have to order in a lot of hardware for an installation, and I think it would be worthwhile for the more expensive orders to run a credit check on a company etc.
How do you go about this, can it be done online or over the phone, and how much should I expect to pay for this service - and are they reliable - any opinions or feedback would be appreciated ?
Regards
Si
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RE: RE: Credit Checks for customers
sibell | 05/11/2004 05:33 PM
Thanks very much for the information Ian, I see what you mean by the "art form" comment, I had a look at Graydon's examples - did not really make a lot of conclusions, but I think it was a demo of a company with very good credit rating !
Will have to think about this, as little point paying for something I cannot understand - Surely the very poor and very good credit-rated companies will be easy to work out, but the in-betweens etc will properly not help with a credit decision as I will not understand anything about the report apart from the basics !
Regards
Simon
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RE: RE: Credit Checks for customers
James Smith | 05/11/2004 05:49 PM
The bottom line is, do they have any CCJ's against them?
If yes don’t deal with said company they are unlikely to pay without a fight if they have been taken all the way.
Experien do a simple report along these lines, I think they are the ones to give smiley faces on the reports to indicate the good the bad and the ugly. Last time i did a lot of these in industry my assistant dealt with it unless the face wasnt smiley then I took a look. Very simple credit checking in action!
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: RE: Credit Checks for customers
sibell | 05/11/2004 08:18 PM
Great, thanks a lot James - sounds like the sort of thing i could handle.
Have you got a website link to hand, did a search and got all sorts of companies advertising experien and experian credit reports (UK and US) but none of the samples had any "smiley faces" etc or looked any simpler than the previous ones I looked at.
Regards
Si
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