New Online Credit Checking Service Launched to Prevent Bad Debt

New Online Credit Checking Service Launched to Prevent Bad Debt

checkSURE, a new predictive credit reporting service, has been launched to help UK businesses avoid falling into the bad debt trap. Bad debt - the late payment or non-payment of outstanding invoices - is a significant problem for small and medium-sized enterprises, causing over 10,000 companies to go bankrupt every year. checkSURE aims to provide "triple A rated" to SMEs - information that is affordable, accurate and accessible.

This new internet-based service delivers comprehensive, predictive company credit reports and instant updates direct to your pc and is optimised for a 56k modem connection.

checkSURE electronically delivers comprehensive company credit information, and monitors current and potential company suppliers and clients on their future creditworthiness. As an integral part of the online service, checkSURE provides an Augur score for each company doing business with the user's own organisation. The Augur score evaluates data provided by Graydon UK Ltd from different sources and provides an objective assessment of the future risk of the company experiencing financial difficulties in the next 12 months, comparing it with other UK businesses.

checkSURE offers continuous daily company monitoring and sends credit score updates directly to the users checkSURE account. In addition to the Augur credit score, checkSURE also delivers a monthly credit guide, as recommended by Graydon, that may be offered to any particular limited or unincorporated businesses.

The checkSURE services saves companies potential granting credit time and effort in compiling and assessing data from a variety of different sources. Credit scoring introduces greater objectivity and consistency as part of a well-controlled decision process, therefore giving online users the ability to manage risk exposure with greater degrees of accuracy, in line with their overall business goals. Therefore more informed decisions help users to reduce the risk of falling into bad debt and offer more appropriate pricing in response to higher credit risks.

The Augur score is a credit risk assessment tool, which has been jointly developed by Graydon UK, Ltd and Fair, Isaac and Company, Inc. Its distinct advantage is its combination of Fair, Isaac analytic technology and expertise with Graydon's comprehensive database. Whatever the size or type of enterprise the Augur score will help to bring consistency and accuracy to the credit decision, thanks to the underlying models developed for both incorporated and unincorporated businesses by the world leader in predictive analytics and decision technology, Fair, Isaac. checkSURE can provide credit scores for unincorporated and limited companies, including those who have yet to file their first set of accounts.

checkSURE is the first and only commercially available service in the UK to provide this vital and comprehensive information through a dedicated e-commerce platform.

Gary Ling, Chief Executive Officer at checkSURE, commented: "Bad debt is a tremendous problem, particularly for small businesses, as a long delay or failure in paying invoices can cause large enough cashflow problems to cause a company to fail. Although the new Late Payment legislation from the Government is a welcome measure, it only addresses bad debt after the fact and fails to address the key issue - prevention is better than cure. checkSURE, by offering Augur credit scores, allows companies to consider the relative creditworthiness of a trading partner in comparison with other UK companies and to make business decisions that reflect this, such as offering a lower credit limit to companies that represent a higher risk. In making such decisions, businesses can also review additional information from Graydon credit reports and recommended credit limits which are also available via the checkSURE site. The new service, which is available 24 hours a day, 365 days a year, costs less than 25% than its nearest competitor, putting effective credit management within reach of even the smallest business."

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