When you extend credit to your customers, creditors customarily take into account the character and reputation of their customers. In addition, creditors will take into account the economic benefits (or risks) of doing business with their customers.
An important credit management tool available at the disposal of creditors is a credit report to measure the character and reputation of the customer and also the economic risk of doing business with that customer.
The Cayman Islands National Credit Bureau Ltd. provides credit reports to its members in respect of any person or business on which information is available on our database. Our database is comprised of over 60,000 credit records and is continuously increasing in data content. We enter your collection accounts into our database, and this information is shared with other members who utilize the Credit Bureau.
Credit history reporting is proven to be the most cost effective method of making bad debtors pay. Here is how and why it is so effective:
- A person applies for a loan or tenancy rental and the lender/landlord/property manager makes a standard credit check with the Credit Bureau.
- If the person has delinquencies previously reported to the Credit Bureau, the individual will not acquire a new loan or tenancy rental unless he/she pays off the old debt.
- Because the person wants to get more credit, he/she immediately pays that debt off.
The information on credit history about any individual is as current as possible due to the exchange of information between members and the Credit Bureau.
All information furnished by the company, either voluntarily or at the request of a Member, shall be kept confidential between both parties.
Credit Reporting Services provided by the Bureau:
- Credit Bureau Reporting
- Verbal Reports
- Written Reports
- Business Credit Assessments
- Trade References
Information is provided on companies and/or individuals.
Any information pertaining to verbal and written report is provided in the shortest time possible. Information required about a company or individual, can only be accessed by an authorized member. Each credit inquiry will be charged at the prescribed user rate, and billed in a statement at the end of each accounting period.
Benefits to our members:
- By subscribing to our services, you automatically fall within the largest network of businesses, which provides you with a continuous exchange of information from among its membership, including a security blanket of protection, all at minimal cost
- Your business receives a significant level of financial protection from possible delinquents and unscrupulous business people
- Other creditors will help collect your debts by not offering credit to them until they pay you
Top 3 reasons to take advantage of credit checking with CINCB
- More people pay their bills because of a genuine desire for a good credit than for any other single reason
- CINCB’s credit report provides factual credit history information to help you verify your customer’s handling of their past credit accounts
- With CINCB’s credit report in hand, you can focus your attention on selling your business to good customers and avoid bad ones
Credit reporting service is accessible to members through any of our account representatives.