What is CreditSafe?
CreditSafe is a global provider of business credit reports, delivering actionable insights to businesses across industries. Established with a mission to improve financial transparency, CreditSafe has grown into the world’s most used provider of company credit reports, boasting a customer retention rate of 95%. With data on over 430 million businesses, it enables companies to make informed decisions based on accurate and comprehensive financial information. Creditsafe has over 200,000 subscription customers globally.
CreditSafe launched in Olso, Norway, in 1997 with the goal of using the internet and emerging technology to revolutionize processing and delivering business credit reports. Soon after its Norwegian launch, CreditSafe established offices in Sweden and the United Kingdom. In 2002, CreditSafe moved its UK sales operation to Bryn House, Caerphilly Business Park, in Wales. It then established additional entities in France, Ireland, the Netherlands, and Germany.
In recent years, CreditSafe USA has sought to grow its market share in the United States, competing against more established credit bureaus. Despite its smaller U.S. presence, the company continues to build its reputation through innovative solutions and a commitment to accuracy. In 2012, CreditSafe USA established its presence in Allentown, PA. Four years later, it established a presence in Asia with CreditSafe Japan.
CreditSafe’s trusted ratings and credit limits are backed by endorsements from major credit insurers, further solidifying its reputation as a reliable source. The company’s user-friendly approach and commitment to data accuracy have earned it a prominent position in the business credit industry.
How does CreditSafe work?
Creditsafe offers a global database of almost 400 million companies across 200 countries. It collects data from various sources, including public records, financial statements, and other credit bureaus. Leveraging the expertise of global business intelligence experts, CreditSafe ensures its data is both accurate and up-to-date. This rigorous verification process enhances reliability when delivering reports.
Through an intuitive online platform, CreditSafe delivers its insights in a format that is easy to access and analyze. Users can quickly evaluate creditworthiness, identify potential risks, and make decisions with confidence. Whether assessing a potential client, supplier, or partner, CreditSafe’s services provide invaluable support for businesses aiming to minimize risks and seize opportunities.
Why is Business Credit important?
Business credit plays a vital role in establishing a company’s financial credibility. A strong business credit profile can unlock numerous benefits, such as:
- Better terms with suppliers: Suppliers often review credit reports to determine payment terms, offering more favorable conditions to businesses with strong credit scores.
- Access to financing: Lenders are more likely to approve loans and offer lower interest rates to businesses with robust credit histories.
- Enhanced partnerships: Potential partners may assess creditworthiness before entering collaborations, ensuring reliability and reducing risks.
Maintaining a solid business credit profile can lead to improved financial opportunities and greater stability for a company.
Is there a cost for CreditSafe?
CreditSafe operates on a subscription-based pricing model, providing different tiers of service to accommodate businesses of various sizes. While specific costs vary, the value offered in these plans is substantial, including:
- Comprehensive insights into global markets.
- Access to customer support and additional tools.
- Detailed reports tailored to specific industries or needs.
CreditSafe USA offers three main pricing tiers:
- Basic Plan: Designed for small businesses, this plan provides essential business credit reports and limited access to global data. Pricing starts at approximately $99 per month.
- Standard Plan: Suitable for medium-sized businesses, this plan includes expanded access to CreditSafe’s global database, enhanced reporting tools, and priority customer support. Pricing is around $149 per month.
- Premium Plan: Tailored for larger enterprises or those with extensive data needs, this plan offers full access to all features, including advanced analytics, industry-specific reports, and additional user accounts. Pricing begins at $249 per month.
Though some small businesses might find the cost prohibitive, the benefits often outweigh the expense, particularly for companies relying heavily on financial data for strategic decisions. Creditsafe delivers the most accurate and up-to-date information in an easy-to-use format on over 430 million businesses worldwide.
What are the pros & cons of CreditSafe?
CreditSafe offers several notable benefits for businesses. Its global data coverage is extensive, providing reliable information across various markets. With trusted ratings backed by credit insurers, users can make confident decisions when assessing potential partners or clients.
The platform’s reports are easy to navigate, thanks to a user-friendly design and clear formatting. CreditSafe’s ability to predict nearly 70% of insolvencies up to a year in advance is a valuable feature for businesses managing risk. Its affordability, compared to other credit reporting agencies, paired with a 95% customer retention rate, reflects its strong reputation. Customers frequently praise the helpful and professional customer service.
There are notable disadvantages to take into account. CreditSafe is less known in the U.S. Market compared to larger, more established competitors such as Dun & Bradstreet, which may play a role in perception. Though many users report the pricing to be reasonable, a small subset of small businesses might find value at risk from cost issues, particularly as prices rise without notice.
CreditSafe Pros & Cons
Pros:
- Extensive global data coverage.
- Trusted ratings endorsed by major credit insurers.
- User-friendly interface for accessing and analyzing reports.
- High customer retention rate, reflecting reliability and satisfaction.
Cons:
- Limited awareness in the U.S. compared to competitors like Dun & Bradstreet.
- Potential cost barriers for smaller businesses.
- Lesser-known brand in markets dominated by other credit bureaus.
How do I set up a CreditSafe Business Credit Report?
Setting up a CreditSafe business credit report is easy and intuitive. Follow these steps to create a CreditSafe business credit report.
Step 1: Create an Account
Visit CreditSafe’s website and register for an account. Provide basic business details, including your company’s name, address, and contact information.
Step 2: Submit Business Information
Ensure accurate and comprehensive submission of your company’s financial and operational data. This enhances the quality of your credit profile.
Step 3: Access Reports
Once your profile is active, you can start accessing CreditSafe reports to monitor your credit and evaluate others.
Step 4: Monitor Regularly
Stay updated by reviewing reports periodically, ensuring your profile reflects the latest financial performance, and minimizing risks.
Frequently Asked Questions
Here are the most common questions about CreditSafe.
Is CreditSafe legit?
Yes, CreditSafe is legitimate and highly reputable worldwide. With its long-standing presence in the business credit industry, it has become a trusted provider of business credit reports. Creditsafe’s ratings and limits are endorsed by all major credit insurers.
Testimonials from its global customer base underscore its reliability. Creditsafe has a 95% customer retention rate due to its ease of use and continuous improvement of products. Its high customer retention rate and positive reviews further validate its credibility.
Why is CreditSafe lesser known than other Business Credit Bureaus?
Creditsafe has always been more international in scope, which has kept it out of the limelight in the U.S. It’s now active in more than 20 countries and recently established a strong footprint across Europe.
This global outlook means less is spent on marketing in the states. Dun & Bradstreet and Experian are household names in the U.S. They’ve made a huge marketing push to establish brand recognition and develop partnerships with local organizations. Creditsafe’s model, in contrast, has focused on growing its global footprint before establishing a stronghold here in the U.S.
How does CreditSafe compare with Dun & Bradstreet?
CreditSafe and Dun & Bradstreet offer similar services, but key differences set them apart:
- Data Coverage: CreditSafe provides extensive global data, while Dun & Bradstreet focuses more heavily on U.S.-based businesses.
- User Interface: CreditSafe is lauded for its intuitive platform, making it easier for users to access and analyze reports.
- Pricing: CreditSafe often provides more affordable options for small businesses, though its offerings may be less comprehensive in certain areas.
Both providers are valuable resources, with the choice largely depending on specific business needs.
How do Business Credit Bureaus differ from Consumer Credit Bureaus?
Business credit bureaus like CreditSafe focus on company financials, payment histories, and operational data, whereas consumer credit bureaus evaluate individual creditworthiness. Key distinctions include:
- Data Sources: Business credit bureaus rely on public records, trade payments, and financial statements, while consumer bureaus use personal credit data.
- Users: Business bureaus cater to lenders, suppliers, and companies, whereas consumer bureaus primarily serve banks and financial institutions.
- Reporting Standards: Business credit reports emphasize company performance and risks, supporting decisions in lending and partnerships.
Do business loan lenders check CreditSafe?
Lenders often use CreditSafe reports to assess a company’s creditworthiness during loan evaluations. While other bureaus like Dun & Bradstreet may be more commonly checked, CreditSafe’s growing reputation makes it an increasingly valuable resource. A strong CreditSafe profile can positively impact loan approval chances and terms, enhancing access to crucial financing.
What is CreditSafe & Business Credit? – Final Thoughts
CreditSafe Group provides businesses with an easy-to-use solution for credit monitoring and management. It aims to be first on accessibility, offering simple, clear, visual tools that allow small businesses to keep track of their credit health.
Despite being less well known than some of its competitors, it offers an incredible service. It provides businesses with a more intuitive and cost-effective solution to obtain fast insights, free of the frustration of added complexity.
Contact us if you have more questions about business credit or to apply for a small business loan. Our alternative financing experts can help you find the best funding options for your business credit profile.
