OneSource launches insight into credit risks

OneSource Information Services is addressing the problem of accurate credit data and heightened financial exposure in the context of supplier relationships with the launch of a new service, called UK Credit Insights. The new data set includes credit information on over 2.8 million companies provided by strategic partner Creditsafe.

“Companies need a fast way to determine financial risk from a trusted source,” says Steven Shove, vice president at OneSource Information Services. “They can no longer afford to provide products or services to companies who can’t pay. Upfront research can save money later. Credit Insight provides a quick snapshot of essential information on credit worthiness and also provides additional detail for those that want to take a deeper dive into the company’s risk profile.”

The company foresees the new solution being used by sales professionals as a way of targeting prospects which have an acceptable likelihood of paying or to set credit limits for prospects. Procurement and Finance departments can also use the data to detemine the financial stability of suppliers.

As part of the tool, a credit thermometer is displayed to provide an instant visual indicator of the level of credit worthiness of a business, as well as an indicator of appropriate credit limits. Reports show key financial data, details of outstanding debts and charges, as well as CCJs, plus critical financial ratios and cash flow indicators.

Users can build customised tables to review their own prospect and supplier lists, while parent and child company credit reports are also provided. Credit Insight can be integated into a range of applications and portals.

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