Assessment of the solvency of customers and suppliers

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Trust is good, credit check is better!
Credit report and credit check

How you can use the GACIC credit check
The aim of any business activity is success. But even one wrong credit decision can cause significant financial losses. And risks do not always appear at the start of a business connection but over time. This is a particular crucial point for international business activities. With an international credit report from CREDITREFORM you will be able to get regular and early information about potential and existing business partners! This will put your international business success on a secure foundation right from the start.

In an ever stronger international and global world market CREDITREFORM, originally being a German organisation, has developed the strategy to offer its services and products worldwide.GACIC and CREDITREFORM are now offering credit reports and credit checks to members of the chamber. A credit check creates security in dealing with business partners and protects against non-payment. Especially with potential customers and business partners who are flagged out with "negative characteristics" like affidavit , bankruptcy , settlement, custody arrangement, a credit check is part of duly business diligence.

What is a credit check ?
Through a credit check, you get an objective assessment of the economic viability of a company or an individual to repay loans or other liabilities. For this assessment all available data such as balance sheets , income statements etc. of the company/person to be checked are collected and evaluated . This data is sourced from both the companies /individuals themselves (eg public balance sheets or income statements ) , as well as from negative reports from other companies (eg, mail order companies , credit card issuers ). The assessment of creditworthiness and credit risk is based on a rating system, which was developed specifically for the credit and receivables management: the CREDITREFORM Solvency Index. It allows you to get a fast and reliable risk assessment and will make your business decisions easy.

When is a credit check advisable?
Credit checks can be useful where you may not even have thought of that possibility in different situations. Below we have provided you with some classic applications together. A credit report is advised:

     - before entering into a new business relationship with new customers.
     - generally, if you provide goods and services on account or on credit.
     - if you enter into far-reaching ties with strangers, eg Leases.
     - if you want, for example, increase the credit limit of a customer.
     - if you suspect changes in the legal or economic structure of a customer.
     - if you want to be certain of the exact company name and legal form in advance (eg for enforcement measures)

Interested? Then you should get in touch with the GACIC Legal Department

Contact:

 

Legal Services and Fairplay

Mr. Sherif Kotb
Head of Investment and Legal Consulting
 (+202) 3333 8477
 (+202) 3336 8786
sherif.kotb [at] ahk-mena.com

Correspondence: English/Arabic

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