FAQ Business Information Report
- What is a Business Information Report / Credit Opinion Report?
Business Information Reports give you a wide range of credit data on your potential customers, partners, and suppliers. They allow you to research key business information, such as contact details, sales figures, size, products/operations, credit summary, history. In addition, you will obtain information on judgments, tax liens and bankruptcies. CRIF also includes credit rating in these business information reports to aid in your decision making.
- What is Included in a Domestic Report?
It is a report which encapsulates the financial profile of the business entity. The details mentioned in the Business Information Report (BIR) include standalone and consolidated financial information, details of the auditors and group companies, global due diligence, ratio analysis, Corporate Debt Restructuring (CDR) history, Legal cases, Credit Ratings from External Rating Agencies (ECRA), GST Data etc. As such, a Business Information Report provides simple one-stop access for undertaking financial due diligence for any entity.
- What is included in an international report?
Our international business reports include most of the information you would expect to find in a local report, however not all countries have an equivalent to Registry in India. We sometimes need to gather information from other local sources so the information may vary country by country.
- How long will it take to receive my report?
60% of all reports requested by our customers are typically delivered instantly online. Where a company is not available, a fresh investigation will take between 2-10 working days depending on the country. For India all requests are processed in 2 Working Days.
- How does a fresh investigation work?
When a company report is not available to view online you can have the opportunity to freshly investigate a business. Once this request is received, we will attempt to contact the company directly using our network of local partners and official registries to provide a detailed report within as little as 2–10 working days.
- Where do you get your data from?
Our data is collected from over 200 sources, wherever possible we will collect information from official registries similar to Registrar of companies. Our network of 35 offices and trusted local partners in more than 200 countries allow us to collect information locally; ensuring we always deliver high quality and up-to-date information.
- How can Business Information Report help mitigate potential risks?
Apart from providing the financial information, a Business Information Report provides a risk evaluation matrix for the entity, rating it under a Risk Parameter and further provides certain key observations and trends related to the financial information. The report also provides historical information and details on suits filed. As such, a Business Information Report can help mitigate potential risks by providing specific inputs on an entity's financial performance and repayment history.
- What are the Benefits of Business Information Report?
A Business Information Report aims to provide 360-degree information access regarding an entity or a business. This includes financial information and credit repayment history, Such a report also provides a risk evaluation matrix for the entities and key observations emerging out of financial information and trends. As such, one can assess the credit risks associated before dealing with different entities.
- What is a Full Report?
The Full report gives you a comprehensive and in-depth information of your business partners. it is the perfect product for your credit and risk management. Full reports are available in all 200 plus countries, with an instant delivery or within an optimized respond time from 1 to 10 days depending on countries selected.
- What is a Slim Report?
The Slim Report gives you a synthetic view of your business partners, CRIF provides you an instant delivery on companies located in more than 35 countries and access to information in a total of 90 countries.
- What is due diligence?
Due diligence is the process to broadly assess an entity's financial & non-financial profile and take suitable necessary actions for mitigating the performance risks associated while dealing with an entity. Such due diligence process may involve collecting and reviewing basic information or undertaking focused risk-based approach to identify key risk areas.
- Why is due diligence performed?
A business due diligence is usually performed prior to getting into a transaction with a company, this can be for Domestic or Cross- Border transactions as well. A due diligence helps the buyer / seller take an informed decision to mitigate risks associated with a business transaction. It can be undertaken by reviewing the entity's financial information and other trends to assess any potential risks for dealing with such an entity.
- I have dealt with my clients for many years, do I still need to carry out customer due diligence?
You need to keep customer due diligence up to date for all your clients. You may have sufficient documentary ID details on your files, but if there has been any subsequent change to their circumstances or risk profile, you should update your customer due diligence. It is advised to review clients’ customer due diligence on a regular basis.
- How do I do a due diligence or a credit check on my customer or supplier?
You can run a credit check or a due diligence on any company or business in the world using CRIF Information solutions. Explore a company name to view a full company credit report and score. All our Business Information Reports include company verification, registration, ownership and financial performance data so that you can make quick and accurate decisions about your customers and suppliers.