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CREDIT REPORTS
What is
a credit report?
A credit report is a document that contains a factual
record of a companies credit payment history. It is mainly used to judge
credit worthiness of companies. The credit report not only lists basic information such as
your name and location, but other information pertaining to your credit,
especially your borrowing and repaying habits. Basically, it shows how
your treat credit and the companies relationships with creditors.
As companies pay their bills, most lenders report credit
payment history information to credit bureaus. As a company you are not known to the Insurer, thus to give
a brief insight to your organization as to whether your company is a good
credit risk to cover, the credit insurance underwriting company required
this information before they can take on the risk of covering the credit
limit.
What
does a credit report contain?
Although the style, format and coding may be different
depending on which credit reporting bureau is used, the typical companies
credit report includes the following types of information:
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Personal Information
The full name of the company, legal status, current addresses and
contacts, names of directors, bankers, list of associated companies and
activities carried out and most important the financial position of the
company.
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Public
Record Information
Any relevant court records, legal status, Company’s registration number,
date of incorporation and capital structure.
It
can be important to know what’s going on with your credit for several
reasons:
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Your credit history can positively, or negatively, affect your ability
to make future purchases.
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All banks, mortgage/loan companies rely on the information contained
within your credit report to determine if you meet their requirements
for credit.
Many Credit
agencies claim to sell Current information. We do it! Instead of selling
information already in our databases, we conduct a fresh investigation
at the time of your inquiry. Because we are able to focus on your
specific concerns, you receive the most current information available to
assist you in making the best decision.
To help ensure accuracy and
completeness of our information, we use sophisticated data collection
tools and update our database regularly. Our commitment to quality means
that you receive the freshest, most relevant information to support your
unique business decisions.
As in most third world countries the
publication of audited and certified balance sheets is not compulsory the
organization goes under these circumstances to a lot often time-consuming
trouble to provide nevertheless reliable status reports.
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