Success Stories – Why You Need to Join
Joining the Creditors Network has proven to be very successful for participants in those countries where Creditinfo has launched this service.
Below is an example from Iceland which demonstrates the development of defaulting debts before and after joining the Network. These examples are based on real data and demonstrate how the Creditors Network has been successful for both financial and non-financial organizations.
According to our real data from Iceland, a bank had 6,876 registered defaults before joining the Network and starting to share his data. After having shared his data and asked Creditinfo to send the „Notice of Registration“ letter, 4.151, approx. 60% of all defaults within their business portfolio were paid. Within 30 days from registration on the Creditors Network Database, 73% of all defaulting debts were paid which was 5,035 out of 6,876 defaulting debts. Similar stories apply for the other 2 types of companies from the financial sector in Iceland, represented in this case, where defaulting debts decreased by 41% for the MFI and 82% for the leasing company.
Service and Trade
The Creditors Network is designed not only for the financial sector as non-financial companies benefit from participating as well. Based on real data from Iceland a book publisher had 241 registered defaults in his credit portfolio before joining the network but after Creditinfo sent a „Notice of Registration“ letter, 41 defaulting debts were paid or apx. 17% but in total 27% of all defaulting debts were paid up within 30 days or 64 out of 241 defaulting debts.