Chaser’s credit checking allows you to get an instant credit report on both your current or potential customers, directly in the Chaser app. Read on to find out how to get a credit report in Chaser.
What is a business credit check?
A business credit check is essentially your first line of defence when it comes to avoiding bad debtors. A business credit check looks into the financial history of your potential / current client and highlights any potential red flags in their credit history and payment behaviour.
Carrying out a business credit check is a common part of due diligence when it comes to onboarding a new client and allows you to assess any potential risk before doing business with them. It is also a valuable tool when monitoring the risk that your current customers represent.
Why should I Credit Check?
Every customer you take on represents a certain level of risk and that risk is compounded if you plan to offer them a line of credit. Thankfully, modern businesses now have more comprehensive business credit checks to call on that give them insight into a potential customer’s current and historical financial information.
Credit checking can be an important first step before taking a customers' business and extending a line of credit. However, ongoing credit monitoring is also an integral part of continuous risk assessment, making sure that your customers are still credit worthy and that you aren't due any nasty surprises later on.
How to get a credit report for current customers in Chaser?
1. Go get a credit report for a currently customer in Chaser, navigate to the receivables and select the customer
2. Select 'Credit Report'
3. Select 'Get credit report'
4. Where multiple results are available, you will be asked to select the appropriate customer
Once a report has been purchased for a customer, the report and credit score will be visible within the customer page.
How to get a credit report for a potential customer in Chaser?
- To get a credit report in Chaser, navigate to the 'Credit Check' tab in the Chaser application.
- From here, search for the company that you would like to credit check by either the Company name, postcode or both.
- Once you have identified the company that you would like to credit check, click 'Get credit report'.
- You will then have access immediately to a full credit report of that company. This includes a Summary (detailing the risk of the customer, the recommended credit limit and other important information), information on the Directors & Shareholders, the companies' Financials and an Event History.
What is included in a credit report?
A credit report gives your customer a credit score and highlights any potential business risk in doing business with them. It also usually contains the following information:
- A credit score with a recommended credit limit (see our guide on how to set credit limits).
- General information regarding the business, the directors and shareholders.
- The business's payment score.
- The business's credit event history.
- The business's directors and fillings information.
How many credit checks are included in my subscription?
The number of credit reports that are included in your subscription depends on the plan that you are on:
- On the Basic plan, you have access to 3 free credit reports.
- On the Standard plan, you have access to 25 free credit reports
- If you are a Chaser partner or are on the Enterprise plan and are interested in credit checking through Chaser, please get in touch at email@example.com.
If you have any feedback about this feature, if there is anything else you would like to see or if you have any more questions on credit checking in Chaser, please get in touch on firstname.lastname@example.org or message us on live chat, we would be happy to help.