Credit management services are aimed at protecting the financial department of your company and, thus, your company as a whole as well. There are many credit management services, such as business information reports, consumer information reports, consumer trace, identity verification, trace alerts and industry flagging. These are just a few of the services offered by credit bureaus. We will go into more detail about the abovementioned credit management services later in this article. (Information credit: https://www.accountability.co.za/group/quality_services.php)
When selecting a credit bureau, it’s important to look at the credit management services that they offer, as not all credit bureaus will offer the same services. It’s up to you to decide what credit management services you will require for your business. Essentially, you could also go into a credit bureau and discuss your business with them. The credit management service experts will guide you through all the services your business will require. Not only that, but they will also be able to assist you with numerous services in protecting the financial department of your business.
Business information reports are a part of credit management services. These reports include very important information regarding potential clients, partners or suppliers. The information in these reports is essentially how they are presently doing, as well as how they will be doing in the future. You can find contact details in these reports, product line information, such as sales for present and future reference, and much more to make an informed decision of joining or partnering up with that specific business.
Consumer information reports include information regarding the consumer who is in debt to you. Credit management services include tracing the consumer, which is the process of contacting and finding hard to reach consumers. This process is known as consumer trace.
Identity verification is the process of verifying the identity of a consumer.
Trace alerts are placed when one cannot get hold of or find an individual that is in debt. Your credit bureau will instantly contact you once they have managed to track down the individual. This forms part of the many different credit management services offered by credit bureaus.
Default listing is the process your credit bureau will go through when someone has been blacklisted. It warns other people and organisations about the fact that someone is in serious debt. This is one of the most helpful credit management services your credit bureau will offer you.
When selecting a credit bureau, it is imperative that you do research to learn as much as possible on the credit bureau you wish to use. In South Africa, the process is simplified, as there are only four main credit bureaus to choose from and they are all registered and licensed under the National Credit Act, under section 43. You should always view the terms and conditions of the credit bureau you wish to use for credit management services to gain a better understanding. Thereby, ensuring you are willing to accept the terms and conditions before using their services.
