This widespread issue is critical enough to purchase your company's credit report immediately. Identity theft means someone had used your company's particulars for fraudulent activities, such as applying for bank loans, telephony facilities or trade credit from suppliers. As such, regular review of your own credit report is important to detect and prevent such criminal activities against your company. The implication of identity theft is the impact to your company's ability in acquiring further credit from financiers and other credit grantors, especially if your company is over leveraged financially.
Credit Fraud Detection
Credit Fraud is another form of identity theft that involves theft of the company's credit card or overdraft account facilities to conduct unauthorized charges. The impact is more acute if you are unaware of payment delinquencies due to your company's weak accounts payable system.
Prevent Inaccuracies in Your Credit Files
Many times inaccurate credit reports are results of human error or delays in updates. Such inaccuracies can be easily and immediately rectified with The Bureau's assistance.
Track and Improve Payment Records
Anything can happen when your company performs payment transactions; for example delay in postal service means your cheque is late for an urgent payment. This creates unnecessary payment delinquencies in your credit report. Regular checkups can prevent such situations as you will be aware of the delay and make necessary arrangements with financiers and creditors before a payment default is reported on your credit file.
Be Alerted of Credit Enquiries on Your Company
When financiers and creditors check on your company's credit report with The Bureau, our system automatically captures this as an audit log - Enquiry Details. With the Self Enquiry Report, you can now be alerted that someone is checking on your company. Are they in a business relationship with you or are they a competitor? Are they getting your consent to check your credit report? Is there a possible fraudulent transaction involved?
The Bureau members, especially Financial Institutions and other Credit Grantors are provided with the Enquiry Details made on your company by others when they perform a credit check on your company.
The Enquiry Details provide potential financiers with market intelligence that the company had been 'shopping' for loan facilities or more credit lines. Hence, more Enquiries Details are often perceived negatively by potential financiers.