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Q: Where does your information come from?

A: Our information comes from thousands of businesses - from small one-man companies, to large multinationals. It is cross-referred with the very latest data from Companies House, The Electoral Register, County Courts, and many other authoritative, factual resources.

Q: Why should I credit check? I know all of my customers.

A: In the current volatile financial climate things change rapidly. Previously prosperous businesses suddenly find themselves struggling to make ends meet. It does no harm to look at financial FACTS from time to time, to confirm your credit decisions about them.

Q: We’re a very close knit community and talk to each other regularly. What can you tell me that I can’t find out for myself?

A: In simple terms, a whole lot! Of course people talk. “Chinese whispers”, rumour, gossip, etc., all lead to suspicion, doubt and concern; often without grounds. It is much better to look at the financial facts and make a professional business decision, rather than to listen to gossip and innuendo.

Q: I’ve never had a problem in 20 years... Why check?

A: You are extremely fortunate. If you look around your local business community, there are companies going out of business, into CVA’s and voluntary/involuntary liquidation aplenty. Every day that you continue to give credit without credit vetting brings you one day closer to that inevitable bad debt. Unfortunately, odds are stacked against you as the majority of businesses experience bad debtors as a matter of course. Credit checking with ICSM helps you prepare and remove this gamble from your business.

Q: I have been trading with most of my customers for years, I would know if they couldn’t pay! They would tell me; wouldn’t they?

A: Almost without exception... absolutely not. Would you? If the survival of your business needs the continued support of a key supplier, would you tell that supplier that it is unlikely you will be able to pay for the next shipment of invaluable goods, necessary for you to continue output? We think not.

Q: What’s the point in credit vetting? The information is no good anyway; it’s all years out of date isn’t it?

A: Conventional company reports are based upon when the company last filed its accounts; which is inevitably a year or more ago (unless you are lucky). However, a “company report” contains several years’ trading and financial figures. This will at least give an indication as to the Company’s performance over a period of time, which is better than nothing at all. However, since the arrival of the “ICSM database”, company reports are not all you have to go on. ICSM information is “real time” and includes details of current trading facts which show true performance.

Q: New customers pay me cash up front before I even consider opening a credit account, why should I credit check when I already know them by the time I set up an account for them?

A: There is no need to credit check if you are being paid cash. The time to credit check is when the customer wants to open a credit account. Just because somebody has paid cash for a period of time does not necessarily mean that that customer is credit-worthy. We have come across many instances of businesses being duped by “professional” credit abusers who nurture a feeling of confidence in the supplier simply to set them up for the “big one” on account.
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