If you’re planning to start a new venture or just started one, you should be proactive in planning ahead of time. For that matter, it’s wise to approach credit information bureaus as they can help you guide better. You must be thinking about the link between your business and the credit information bureau.
Well, you should know that credit bureaus like CreditQ prepare business credit reports of several businesses undertaking the latest information from valid, official sources. MSME and businessmen can use this report to review their financial creditworthiness.
CreditQ is a leading credit information bureaus that offer relevant B2B solution to business in India. It provides services like obtaining business credit reports, settling payments with vendors, reporting business credit defaulters, and helping buyers and suppliers start a new trade with complete transparency.
In this blog, we’ll understand how the CreditQ app can help a new business establish itself in the market.
It informs you about other businesses
Your business credit information report or business CIR holds significance for you and your clients. CreditQ prepares business credit reports using a unique credit information reporting diagram that tells you a lot about your financial habits, such as payment history, credit history, expenditures, etc.
A Startup can rely on the credit report prepared by the CreditQ team. We understand you, as an entrepreneur, want to attract the right people into your business. When you can review your potential client’s business CIR, you can determine if it’s a good idea to shake hands with them.
This comprehensive report can tell you a lot about their payment habits and how do they do business. So, as a businessman, you can analyze the risks and challenges attached.
It helps you stay away from payment defaulters
A new business can fall into a debt trap. It can also go through a bad phase of dealing with fraud. Your vendor may not cooperate with you when it times to repay the amount lent. The CreditQ app terms them as business credit defaulters. If you’ve got a startup, you can safeguard your business by being proactive in checking your vendor’s credit report.
This way, you don’t have to deal with a client that doesn’t add value to your business. With the help of the CreditQ team, you can speed up the payment settlement process as well.
It helps you form a new, genuine partnership
The CreditQ app can help you form a new partnership with a supplier based on mutual trust. How does it work? When doing business with your supplier for the first time, you may have doubts and worries about your decision. Fret not! You can get a material transaction receipt and payment acknowledgment receipt from the other party when the transaction occurs. It helps bring transparency to the system.
It tells you about your financial strengths and weaknesses
CreditQ allows its members, having a valid GST number, to check their business credit report. This credit report can tell you a lot about your financial performance. It can tell you where do you lack in achieving a high company credit score. You may have missed paying your vendors on time or taking steps to reduce your debt amount. It all gets reflected in your business CIR. Your payment and credit history can help you evaluate your risks and challenges ahead.
It helps you build a solid market rapport
It is in addition to the previous point. When you can find your financial strengths and grey areas through your credit report, you can make ways to improve them. If you remain consistent in paying your dues on time or not misusing business funds, your business credit report becomes impressive. To remain at the top, you can make time to learn about business credit management.
Nowadays, investors and lenders are interested in working with people who can handle finances well. So, use the CreditQ app to your advantage and enjoy business success.
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