Credit Check
This way you quickly gain insight into the financial stability of companies
What is a credit check?
A credit check gives you insight into your potential business relationship. During a check, the credit history of a relationship is looked at. Based on this, it is then determined whether you continue a collaboration. With a credit check you reduce the risk of default and prevent a negative impact on your reputation and cash flow.
How do you check the creditworthiness of your relations?
It is important for both new and existing relations to check the creditworthiness and to report it in good time. It is therefore wise to do this because the financial situation of companies can change once. The sooner you are aware of a changed situation, the sooner you can take the right precautions. For example, if the payments of a permanent relationship are coming in later and later, it may mean that he has run into credit problems.
Here are some tips on how to perform a check:
- Screen your relationship via the third-party due diligence software Nexis Diligence tool
- Request information about potential business partners from the Chamber of Commerce
- Do an online check via the Central Insolvency Register
Laws and regulations for credit providers
Here you will find the most relevant laws and regulations that apply to credit providers. In addition, some specific consumer rights are included in the Civil Code and the Consumer Protection Enforcement Act is relevant:
- Financial Supervision Act
- Decree on Supervision of the Conduct of Financial Undertakings Wft
- Further Regulations on the Supervision of Conduct of Financial Undertakings Wft
- Consumer Credit Act
- Credit compensation decision
- Decree on temporary reduction of credit compensation
Online credit check with LexisNexis
LexisNexis' risk and compliance check tool allow you to conduct both normal and enhanced customer due diligence. With our solutions you can identify, screen and monitor your clients and business relations. Our solutions provide access to:
- Company Information and Profiles
Access data from more than 200 million international, listed and private companies. - Sanction, PEP and Watchlists
Screen a third party against all international sanctions, watchlists (1400 from more than 80 countries) like OFAC, HM Treasury, FBI and more than 800,000 PEPs (Politically Exposed Persons); - Negative news check
Check companies for negative news listings by searching more than 60,000 national and international news sources, including newspapers, blogs and online news. - Legal database
Search our powerful legal database for international lawsuits and rulings; - Biographies
Dig deeper into someone's background. - Ultimate Beneficial Ownership
Search Dun & Bradstreet® UBO data on millions of companies worldwide.
Integrity and Credit Checks at the touch of a button!
With the best due diligence software Nexis Diligence+™ , you mitigate financial, strategic, and reputational and regulatory risks by providing essential information to screen third parties effectively and efficiently. To this has now been added Creditsafe's valuable detailed credit data, such as driver information, financial data and market information.
The added value of Creditsafe is:
- The Creditsafe score that indicates how likely it is that a company will go bankrupt in the next 12 months.
- Creditsafe's credit reports contain data that is otherwise hard to find, on millions of organizations worldwide
With Nexis Diligence+™ and Creditsafe you can be sure that you have all the information you need to do a full due diligence check and avoid doing business with defaulters or unstable companies.
You might also be interested in
KYC compliance
Screening business partners with Nexis Diligence®
Webinars
Learn more in our free compliance webinars.
Compliance legislation and guidelines
A summary of the many international regulations.Get in touch
E-Mail: information@lexisnexis.com
Telephone number: +91 99100 69136