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How Sharing Your Trade Payment Data Helps Your Customers

How Sharing Your Trade Payment Data Helps Your Customers

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Sometimes businesses are reluctant to share their trade file with a credit bureau because they don’t want to negatively affect their customers' credit score which could affect their ability to receive credit. While this is true, it is only one side of the story because the benefit to your customers is far bigger than the risk of lowering their credit score.

Trade payments are arguably the most valuable information on a business credit report. Consequently, trade payments are the second most viewed item after the summary page on Creditsafe’s reports. Sharing trade not only will help your company but it will also help your customers. If you inform a customer that you are reporting their payment history to a credit bureau like Creditsafe, their ability to obtain credit, bank loans, and to purchase on terms will be directly affected. As a result, they will be more careful about neglecting their financial obligations towards you thus resulting in improved collections for your company.

Conversely, a trade exchange program enables you to report on your customers to help build their credit profile. A company who has a long term relationship with a valued customer who habitually pays late may believe that reporting on them would lower their credit score; however, reporting on your customers will benefit them because it’s always better to have as much information on a credit report as possible and some less-than-favorable information is always better than no information at all.

The consumer credit industry has "the Big 3" that basically gathers the same information; whereas, the business credit industry is more diverse and because of this diversity, one credit bureau may have information that one or more bureaus do not. This is why we recommend reporting to as many business credit bureaus as possible.

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