Top tips for credit providers to make confident credit decisions

28 March 2024 Posted by: kelly Business Resources
Top tips for credit providers to make confident credit decisions

The finance and lending market is a competitive space. So, when it comes to making the right lending decisions, speed is of the essence.  Here are our top three tips for making the decision to extend credit to your customers with confidence that you’re managing risk:

  1. Order a credit report for all new business and consumer customers to understand the risk you face. A credit score is a great indicator of someone’s creditworthiness.
  2. Ensure you have appropriate consents in place to perform credit checks within your terms of trade or customer agreements. This is also an opportunity to ensure you have the power to act if your customers default (such as using a collection agency for any debts you are owed).
  3. Invest the time and money needed to ensure your billing process is as fast and robust as possible. If you’re registered for eInvoicing, this can help to reduce your accounts administration and increase the speed with which you get paid. Remember, the sooner you send your invoices out, the sooner you can expect to receive payment.

Our consumer credit reports help you understand the risk profile of a potential customer and what terms of credit you should offer, quickly and accurately.  Centrix has the most comprehensive account payment data and credit information on 95% of credit active Kiwis, or 4 million consumers.

Centrix business reports help you assess the risk of existing business customers, new customer account applications and supplier arrangements. The reports give you deep insights into a company’s past credit behaviour, delivered in an easy-to-read format.

All of our credit reports are simple and affordable – as well as consumer and business credit reporting, we offer SmartID fraud and identity verification, vehicle ownership checks, PPSR and Beneficial Ownership checks.  Add-on services include Portfolio Healthchecks, Alerts Monitoring, Credit Data Analytics, and our comprehensive SmartBusiness reports.

You can create an account with us online and it’s activated immediately. There are no joining or ongoing annual fees. Pay only for what you use with our competitive per report pricing.

To create an account now and start making confident credit decisions, simply click here.