Why credit reports are important for small businesses
David Knowles, Group Marketing Director of Creditsafe, the world’s most-used supplier of business credit reports joins Enterprise Radio to talk about why credit reports are important for small businesses and how to benefit most from them.
Listen to host Eric Dye & guest David Knowles discuss the following:
- Tell us a little bit more about yourself and your company, Creditsafe.
- What would you say are the biggest benefits that a credit report can offer a small business or entrepreneurial venture?
- Given all of the ways that a credit report can help entrepreneurs and small businesses, it seems that the majority of them have never considered using credit reports before. Why do you think that’s the case?
- Can you give us a specific scenario or two of how an entrepreneur/small business owner would use a credit report to protect their business?
- Typically, commercial credit reports have the reputation of being very cost-prohibitive. Why are they so expensive and how is Creditsafe able to make credit reports more affordable and accessible to smaller businesses?
TIP: In order to get the most out of credit reports , you should use them as a regular risk management tool rather than just in one-off situations when vetting a new customer. Some bureaus allow you to setup regular credit monitoring alerts to be notified of any significant changes in a customer’s credit rating, payment activity, director and legal filings, etc., all which can be signals that a company that may have been stable is now struggling financially or could be a higher risk than it once was. There are services out there that are based on an ongoing subscription model which will likely be more cost-effective in the wrong run than a credit reporting bureau that charges for each report. You can get a credit report from Smart Credit or if located in Australia, you can also check interesting credit repair tips at Credit Solvers.
Also, if you are looking to repair your small business’s credit, consider how title loans can help you. Repaying your title loan in a timely manner can contribute to your credit score increasing. As you pay off the loan, your utilization will decrease, and your on-time payments help reflect positively on your credit report.
As group marketing director of Creditsafe, David Knowles creates and drives the company’s brand and marketing strategies throughout the U.S. and Europe.
He possesses 20 years of experience in branding and marketing with expertise across B2B and B2C industries, including retail, food and beverages, and financial services.
Since joining Creditsafe in 2006, Knowles has defined and strengthened Creditsafe’s brand and value proposition as a superior and more cost-effective alternative to the notorious business credit reporting institutions, like Dun & Bradstreet.
Before joining Creditsafe, he led the brand strategy for a number of international beer and cider brands in Europe, such as Aspall, Steinlager, Toohey’s, and Iceland’s leading brewer, Vifilfell.
A graduate of the University of Wales, Knowles lives and works in Cardiff, Wales, from Creditsafe’s U.K. headquarters.