The United States was already the world’s largest importer of goods and second-largest exporter before the internet came along. Today, the amount of goods that flow in and out of the US is staggering. More than $4 trillion worth of goods and services are imported or exported every year.
Companies of all sizes are now conducting business globally and finding benefits in expanding their customer base and supply chains.
This is not without risk, however. When you are doing business internationally, you may not have the legal protection available in the US if a company does not pay its bills or engages in fraudulent activity. Collecting a bad debt in a foreign country can be challenging.
Global bankruptcies are also on the rise. Analysts are forecasting bankruptcies to increase by 26% this year as government aid packages from COVID run out. For example, more than 48,00 businesses in the European Union declared bankruptcy last year and more than 11,300 businesses declared bankruptcy in Asia in July 2021 alone.
To minimize their risk, US businesses are buying international business credit reports on customers and suppliers to analyze a company’s financial health before signing agreements. For a small investment upfront, US businesses can get the peace of mind they need to buy or sell goods and services internationally.
Three major international business credit reporting agencies provide reports from around the globe, including:
· Credit Reports World
· Equifax Canada
· Experian International
Each provides international business reports for different countries. At Command Credit, you can view business credit reports examples and select from any of the three companies. If you are unsure which company has the best coverage for your needs, the experts at Command Credit can help you figure out which one is the best international business credit report for you
Business Credit Reports Examples
Buying international business credit reports is a slightly different experience than pulling a business credit report in the US.
The US has a formal credit reporting system and several companies have rich databases that allow you to pull information instantly. Outside of the US, Canada, the UK, some countries in the EU, and some parts of Mexico, information may not be as readily available.
In China, for example, limited information is available publicly on companies that are registered there. While you can get basic information, in many cases getting credit information may require a manual investigation.
When you take a look at a business credit report example for the different international business credit reporting agencies, you may notice that they look different from what you may be used to seeing with US companies. These international business credit reports can also vary depending on where a company is located and what type of information is available.
Here are three business credit report examples you can view that show you the different types of information that may be available:
Business credit report sample from a Toronto company from Equifax Canada
·Business credit report sample from an Italian company from Experian International
Business credit report sample on an Australian company from Experian International
What Is Included in International Business Credit Reports?
As you can see, business credit report examples can contain different information. Here is a breakdown of what you typically see in international business credit reports from the various agencies.
Experian International is a good source for international business credit reports in the United Kingdom, the European Union, and hundreds of other countries. Information is assembled from credit reporting bureaus, banks, creditors, and suppliers.
Most reports include:
· Business identity verification
· Corporate data
· Credit risk ratings
· Directors and shareholders
· Payment history, including missed payments
· Business credit scores
Equifax Canada provides comprehensive commercial credit and financial information on Canadian businesses. Reports typically include:
· Payment index
· Tradeline information
· Derogatory legal filing
· Company information
· Credit references
Credit Reports World is strongest in Mexico, Latin America, and South America. For nations that do not have a developed credit reporting system, they create custom international business credit reports manually. Reports include information such as:
· Fresh investigations of current business financial health
· Answer custom questions about businesses
· Includes three USA trade references
· Includes a free investigator/researcher opinion on open credit amounts
Find the Best International Business Credit Reports
We can help you find the best international business credit reports. Request a consultation with our international credit reporting experts to learn how we can help.
Published by Ashly Williams