On June 13, 2011 BIIA posted a story “Customers Turn Competitors” discussing the offering of ‘freshly investigated credit reports’ by credit management associations. The story was prompted by a discussion within BIIA what ‘freshly investigated credit reports’ means in terms of in-date rules. For instance are credit management associations producing these reports; or only act as distributors and whether the associations added value to the ‘freshly investigated credit reports’.
BIIA was delighted to receive a response from its affiliate industry association member FCIB:
Marta Chacon-Martinez, Director, North American Operations, FCIB wrote what “Freshly Investigated” means to FCIB
“FCIB identifies the best sources of information from local ‘on the ground’ suppliers with whom FCIB has established relationships. In providing ‘freshly investigated’ worldwide credit reports, FCIB abides by the following procedures:
- Ensuring all information is validated by conducting telephone interviews of the subject companies.
- Calling local government sources to ensure verification of trade licenses and registrations.
- Contacting trade and bank references supplied on the order.
FCIB hopes that this clarifies its position on the interpretation of ‘freshly investigated reports’.
BIIA Group on LinkedIn:
BIIA had also posted the story on the BIIA – Business Information Industry Association Network Group on LinkedIn. The discussion is still ongoing and contributed much to the understanding of what ‘freshly investigated credit reports’ means to users and suppliers. It was interesting to note that not everybody appeared to be of the same opinion as to what’freshly investigated’ means, hence our original question was justified.
Nevertheless one more question needs to be answered by the credit information industry: Why are only smaller credit information companies producing ‘freshly investigated credit reports’?
To follow the discussion on LinkedIn please go: BIIA – Business Information Industry Association Network on LinkedIn