Business information provider, Equifax, has seen the use of some of its business monitoring alerts increase threefold in the past year.
The phenomenal rise, they say, demonstrates that businesses have switched on to the importance of staying up to date with the status of customers and suppliers, in order to protect cashflow and safeguard against bad debt.
Equifax has also seen an almost 200% increase in alerts for Gazette and Detrimental information. These are reports that indicate a court or other negative action against a business and are a good early warning sign of potential repayment problems for other creditors.
The other area where Equifax has seen a significant increase in reports taken is for credit information that provides a greater insight into the people behind non-limited businesses such as sole traders and partnerships.
Neil Munroe, external affairs director for Equifax comments: "It's very encouraging to see businesses taking positive steps to stay on top of the financial status of customers and suppliers with our monitoring tools. Rigorous credit checks are also crucial to help businesses protect cash flow and guard against bad debt. They are essential when taking on new customers."
For more information visit www.equifax.com
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