Improve the way you assess client risk with CreditPal

Improve the way you assess client risk with CreditPal

New credit reference service launched that uses monthly management accounts to produce up-to-date credit recommendations

CreditPal is an innovative new service allowing you to assess your clients’ default risk using their monthly management accounts rather than having to rely on their statutory annual accounts.

As the world’s first service to enable credit recommendations to be based on monthly management accounts, CreditPal has been designed to improve the flow of information to ratings agencies, insurers and banks. This revolutionary new online service, provided by credit reference agency Graydon UK and software developer Future Route, enables businesses to make accurate assessments of all their clients’ default risk using monthly management accounts.

SME businesses can upload their data for free via the web portal so all you need to do is encourage your suppliers and buyers to use it. In this way you can gain access to their up-to-date credit recommendations.

CreditPal extracts a copy of the management accounts from the users’ accounting package, encrypts and uploads the data to a secure web-based portal, then standardises and analyses every transaction to identify any anomalies. It then produces monthly profit and loss and balance sheet reports which the user can approve before they are fed into Graydon’s credit scoring system.

One business that piloted the service during its testing phase, described the process as “dead simple, a five-minute job” and saw its credit recommendation increase fourfold compared to when using statutory annual accounts. Another business saw its recommendation increase by twelve times.

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