Graydon launches CreditPal
The launch of this new service follows repeated calls from across the credit industry, banking and insurance, for credit reference agencies to base their recommendations on validated up-to-date financial information. This demand was reflected by the findings of a recent survey undertaken by Graydon UK. The survey reported that 91 per cent of Credit Managers regard up-to-date validated management accounts as "valuable" or "very valuable", when making credit decisions. (*)This new development also means that UK companies will no longer be obliged to rely solely upon historic annual statutory accounts, filed at Companies House, as the main basis for assessing companies' strength and viability. This information which has until now been central to the decision making processes of providers of finance and credit, is intended to meet reporting standards and fiscal requirements and can be up to 22 months old. This means that is does not necessarily accurately portray a company's current trading status.
While statutory account information will continue to play an important role in the credit scoring process, the availability for use of up-to-date validated monthly management account information will now significantly enhance the quality of credit decision making. Credit managers and commercial credit grantors will benefit from the service, alongside banks, credit insurers, factors, suppliers, invoice discounters and other participating ratings agencies.
This unique and revolutionary new credit report is driven by technology and data provided by CreditPalTM, a joint venture between Graydon UK and Future Route, a software developer specialising in business data analytics. CreditPal allows SMEs to upload monthly management account information (free of charge) online at http://www.creditpal-online.com/
This information is then standardised and validated by CreditPal and displayed to the user for approval, before relevant financial extracts are sent to Graydon UK's credit database for use as part of the new credit report service.
(*) Source: Graydon UK survey April 2009.
