Consumers could benefit if they had some of the knowledge that credit controllers and credit managers use every day.
If you are one of our clients and work in credit control, you will review an application for credit and run a credit check with First Report. A decision to extend or decline credit, or where to set the credit limit and credit terms will depend on the information gathered about the business.
But consumers are also at risk of financial loss when companies fail. High street company failures can leave consumers out of pocket. The same can also happen with any large domestic purchase or home improvements project.
If a company fails, then any guarantee that came with the goods or the building work probably disappears too. If money was handed over in advance of delivery or work being done the payment may not be recoverable.
Not many consumers would think to obtain a credit report on a company or firm before handing over their money. However credit controllers know the value of checking who they are dealing with.