How to Use the Network
Participating in the Creditors Network is simple. You do not have to be a financial wizard or possess diverse IT skills to make it work.
The Network’s user friendly interface and Creditinfo’s innovative technology makes it easy to send and recieve data.
The Network supports you through all three stages of your customers credit lifecycle, described further below.
Evaluation and Acquisition
Use the Network’s website to check if your potential customer is defaulting elsewhere. If the subject is registered in the Creditors Network Database and in default with other creditors, the chances of defaulting shortly after being granted credit increase by at least 350%.
At this point we recommend offering your client to pay with cash or to provide you with collateral or secured credit terms you are happy with.If the subject is not registered in the Creditors Network Database you should offer credit terms based on available financial statements and market information.
If a customer defaults, you can register the debt and debtor in the Creditors Network Database (according to the terms and conditions agreed by all parties) or send the subject a pre-collection letter, issued by Creditinfo.
The Network continuously monitors your entire customer portfolio.
If any of your customers get listed in the Creditors Network Database with outstanding debts with other creditors, an alert is sent, allowing you to react accordingly and significantly reduce the chances of loss.
Send your defaulting customers a pre-collection letter issued by Creditinfo which replaces your ‘Overdue Please Settle’ notice.
The letter provides the customer with an opportunity to pay within a certain notice period and that further delays in payment will result in a registration in Creditors Network Defaulting Debtors Database, accessable to all other members of the Network.
A registration in the database prevents your defaulted client to get credit with other credit providers.
The pre-collection letter has proven to be very effective. In some markets, our data shows that more than 50% of recipients settle their debt within 30 days from receiving the pre-collection letter.
The letter can also be included as part of your current collection process, as a member you are allowed to use the Creditors Network branding and logo within your lettering system.
When a debts is settled, a de-registration process is executed and the listing removed from the Creditors Network Database.