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CreditSafe Secrets

Published By Janet Gershen-Siegel at February 13th, 2019

What’s this Business Credit Reporting Agency All About? We Dive Right in With CreditSafe Secrets

Did you even know CreditSafe exists? We reveal CreditSafe secrets and tear back the veil on this little-known business credit reporting agency.

CreditSafe Secrets: So What is CreditSafe? And Why Haven’t I Heard of it Until Now?

CreditSafe Norge AS distributes credit management solutions through the internet. So the company has business and consumer reports. And they also have monitoring, collection services, and financial statements. They were started in 1997, in Oslo, Norway.

The business is based in Norway. And it has an office in Sweden. Other offices are in the UK, Germany, France, and Sweden. So they also have offices in  Ireland, Italy, Belgium, and the Netherlands.

American

And they have been in the US since 2002. So their first American office is in Allentown, PA. There is now also a sales office in Tempe, AZ. But in America, they are CreditSafe USA, Inc.

International

They have 16 offices in 14 countries on three continents. Their expansion into Asia was in 2016. 

Data comes from:

  • The Asia/Pacific region
  • Also the US, Canada, and Mexico
  • Six countries in South America: Brazil, Chile, Colombia, Ecuador, Venezuela, and Argentina
  • Nearly all of Europe
  • Middle East and Africa

In 2017, customers could get metrics and analytics on companies in many countries. These were businesses in: Bahrain, Benin, Burkina Faso, and Republic of Congo. And they could get data on Egypt, Jordan, Kuwait, Lebanon, and Oman. So they also could get info from Palestine (West Bank and Gaza), Qatar, Saudi Arabia, and Sudan. And they could get info on Syria, UAE and Western Sahara.

Data currently seems to be missing from some western and central Asian countries. So it is also missing from all of Latin America, and most of Africa.

Company Growth

Over 1,000 staff now work for CreditSafe across the globe. They are one of the fastest growing companies in the credit reporting market.  

Data and Customer Statistics

Also per Bloomberg, CreditSafe is the world’s most used supplier of company credit reports.

There were 92 million reports downloaded in 2015They have 90,000 customers worldwide

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CreditSafe Secrets: Accuracy

Accuracy is their main objective. So they predict 70% of insolvencies up to 12 months in advance. The company and its reports are endorsed by all major credit insurers.

All CreditSafe data is globally sourced on local levels. It is then combined in their products. They use info from local registries and publications. And they also get data from debt collection sources plus more in all of their online countries. CreditSafe data is wholly owned or delivered by their trusted local partners across the globe. 

Data Validation

And when they get this data, they validate it many ways. This means data issue tracking, certification and statistic collection. So it’s also workflow management and aggregate-based verification. They have a Data Governance framework. And this ensures they maintain quality of info for their clients. 

CreditSafe Secrets: Data Transformation and Combinations

Once CreditSafe data is verified, the company will transform and process it in what they call a data factory. Data is merged, cleansed and linked through a surveillance system. This is to ensure every piece of data is formatted and distributed the right way for accuracy.

Once the data has been verified and transformed, they will then feed it into their credit algorithm and products. This is to create what are the most up-to-date and accurate data on scores and limits. It is also complete and current on payment performance data and financial results. So it is thorough and up to the minute data on officer information. But it is also a lot more. 

Expansions

In October of 2018, CreditSafe announced they had expanded into Argentina and Chile. So this gave immediate insights into 90% of all South American companies. This added to data already coming from Brazil, Colombia, Ecuador, and Venezuela.

CreditSafe Secrets: Thoroughness and Speed

They boast over 200,000 subscription customers. They have data on over 240 million separate businesses. And they have live data streams for over 70 countries. This means their partners are recognized market leaders in each country for online database reports.

By using local providers where possible, the company makes sure niche knowledge is streamed into their data. So this also assures the data is updated on a regular basis. 

They collect and analyze how millions of invoices are paid each day. So this is from more than 85 million tradelines worldwide.

Updates

Plus, the CreditSafe database gets updates over one million times per day. So this is with data from thousands of sources. About 99.9% of the time, international reports are delivered instantly online.  And more than 40% of CreditSafe’s customers use the international reporting capabilities.

Each day, CreditSafe’s data helps its customers make over 450,000 business decisions.

The company has grown from delivering just 33 million reports in 2012 to 110 million in 2016.

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CreditSafe Secrets: Trade Payment Data Program

The Trade Payment Data Program is built upon real life payment experiences from real companies. This gives CreditSafe customers accurate insight into how companies pay invoices around the world. Their scoring model then builds in this data. And it allows for all types of available info to be accounted for when scoring a company.

The data lets CreditSafe map an accurate picture of a business’s payment performance. And in this way, they can see how a company ranks against their own particular industry. So this is regarding how the company does and will pay their bills.

CreditSafe Secrets: Predictive Analysis

The CreditSafe scoring model is a highly predictive analytical tool. It uses the latest advanced statistical techniques. Their tool combines commercial and other key data. So it means public info, key financial ratios, and trade payment data. And it also means industry sector analysis, and other performance indicators.

Hence these all provide CreditSafe’s customers with a view of their own existing and future customers.

CreditSafe Secrets: What is Analyzed to Create a Company Credit Report?

The CreditSafe Risk Rating comes from info such as:

  • Demographics
  • Accounting statements
  • Detrimental data
  • Directors and managers
  • Industry monitoring
  • International group structure
  • CreditSafe’s Trade Payment Data

CreditSafe Secrets: What Does A Company Credit Report Include?

CreditSafe SecretsA normal CreditSafe reporting consists of the following data:

  • Adverse legal information
  • Director details
  • Up to five years of accounts
  • Company identity
  • Payment history
  • Credit limits and ratings
  • Holding and subsidiary companies
  • Image documents

Sample Reports

You can also get a sample report from CreditSafe. It has info such as:

  • Credit scores and limits
  • Company financials
  • Trading locations
  • Officers and shareholders
  • Corporate linkages
  • Adverse credit insights

Options

There is an option to also add compliance checks, international credit reports, and ledger management. 

On a typical report (i.e. not a sample), CreditSafe will show financial trade payment data. This means info on lease payments. And it also has:

  • Payments to business credit cards
  • Term loan payments
  • Other debt payments made by a business

Credit Safe Secrets: Their Well-Known Customers

  • Adidas
  • BMW
  • BT
  • Motor Harley Davidson Company
  • Nestlé
  • Next
  • Panasonic
  • Ryder
  • Staples
  • Vodafone
  • Volvo
  • Zurich

CreditSafe Secrets: What Makes CreditSafe Different from its Competitors?

  • Innovation – they use advanced technologies in infrastructure, back office and data management. So their clients are at the forefront of development.
  • Flexibility – they tailor the data they deliver.
  • Relationship Management – CreditSafe has made a large investment in service delivery. They have dedicated account management. So this means a support team and a training team.

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CreditSafe Secrets: Not So Tiny After All

In 2018, Business Insider named CreditSafe to its top 5,000 fastest growing private companies in the US. So this was for the second year in a row. 

CreditSafe Secrets: Their Product Offerings

So as of 2019, the company sells three main products. But there are no prices online. Rather, a prospective customer must call and ask for a quote.

Standard

Their Standard package has data such as:

For Business Credit Reports – Freedom Access:

  • US Business Credit Reports
  • Media Solutions
  • US Officer Reports
  • Risk Tracker, with up to 100 companies monitored
  • and 3D Portfolio Management

So for International Credit Reports:

  • 5 International Database Reports

So for Sales and Marketing:

  • 1,000 US Prospects

Plus

So their Plus package has info like:

For Business Credit Reports – Freedom Access:

  • US Business Credit Reports
  • Media Solutions
  • US Officer Reports
  • Risk Tracker, with up to 500 companies monitored
  • Also, 3D Portfolio Management

So for International Credit Reports:

  • 50 International Database Reports

Also for Sales and Marketing:

  • 1,000 US Prospects
  • 500 International Prospects

Premier

So their Premier package has info such as:

Also for Business Credit Reports – Freedom Access:

  • US Business Credit Reports
  • Media Solutions
  • US Officer Reports
  • Risk Tracker – Freedom Access
  • and 3D Portfolio Management

So for International Credit Reports:

  • 150 International Database Reports
  • 5 International Partner Reports

So for Sales and Marketing:

  • 1,000 US Prospects
  • and 1,000 International Prospects

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Keep your business protected with our professional business credit monitoring.

CreditSafe and Credit Suite Together

Credit Suite has now partnered with CreditSafe. Hence with Credit Suite’s advanced monitoring package, you can add utility bills to your CreditSafe report. So these are bills such as power, gas, water, and phone. And you can also add cable, satellite TV, and internet. Also, add other third-party payments like Credit Suite, CRM, and software. And you can add cell phone bills and lease and rent payments.

Details

CreditSafe reports also have:

  • CreditSafe Risk Rating Business Credit Score
  • Summary details such as number of tradelines, overall balances, UCC filings
  • Legal filings such as lawsuits, judgments, and bankruptcies
  • Payment details like number of active accounts, balances, delinquencies, trends

CreditSafe Secrets: Takeaways

CreditSafe is a rapidly growing business data supplier and their reach is only expanding. So when you get Credit Suite’s advanced monitoring package, you can take advantage of the power of data. So this helps you add more complete info to your credit reports. Get credit for bills you pay all the time! Build business credit faster. And get money faster.

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