Veda Commercial Credit Analysis
Bad debts are costing New Zealand businesses billions of dollars each year.
- 4,457 NZ businesses were listed as going into liquidation in 2010.
- Companies defaulting on payments have increased by 89% over the last 3 years.
- Almost 6,000 NZ individuals were listed as bankrupt in 2010.
Your business could be at risk if you haven't checked out a customers credit history. A quick credit check on a business or an individual could save your business from losing hundreds or even thousands of dollars in bad debt.
A credit check can give you information on a customer's credit history and might signal alarm bells if a customer is defaulting on credit elsewhere or may be at risk of becoming insolvent.
Keep informed
Veda Advantage offers a range of products dealing with commercial credit. The portfolio consists of products and services that will help you determine the credit worthiness of your applicant. Also if you share your Financial Trade data the Commercial reports will be enhanced to display the Trade data from our Subscribers and give you a comprehensive insight into the organisations payment habits.
Commercial Check
This report provides you with information about a registered organisation and its credit record. It's similar to the Commercial Plus report, but doesn't include information about the organisations principals and their past credit behavior.
Key Benefits
- Helps you to identify bad credit risks
- Can help you to reduce costs associated with bad debt and write-offs
- Since one report gives you all the information about a limited liability company, it costs you less and saves you time in resources and set-up expenses.
Commercial Plus
This report provides you with information about a registered organisation. It's similar to the Commercial Check report, but also provides you with information about the organisations principals and their past credit behavior.
Key Benefits
- Helps you to identify bad credit risks
- It can help you make a decision about credit, or doing business with a particular company, based on its likelihood of having future payment difficulties
- Helps you to reduce costs associated with bad debt and write-offs.
OfficerPlus
Provides a VedaScore Plus on selected directors, sole traders and principals of registered organisations. VedaScore Plus is a separate report which provides the VedaScore and details the personal credit history of the applicant. The Credit Reporting Privacy Code 2004 requires consent for this inquiry.
Commercial Healthcheck
Keep your data active! Experience in ledger cleansing indicates only 60% of entities on the average trade credit ledger, will have the correct legal identity of the customer. When overdue accounts are referred for commercial collection the legal identity of the debtor is in doubt in 60 - 70% of cases, therefore ensuring the correct legal entity is identified in the first instance reduces time, money and risk in the future.
Key Benefits
Assists organisations to accurately identify the correct legal entity of each debtor contained in their ledger
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Enables organisations to understand the potential risk that may be associated with their ledgers at any given time
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Allows customers to pin point problem accounts and manage them accordingly
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Improves the chance of recoveries when experiencing problem debtors
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Focuses on debtors that could potentially pose problems
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Evaluates the benefit of contributing trade payment data.