commercial credit reports

You’ve felt it before. Even if you’ve managed to avoid it,
you know someone else who hasn’t been so lucky.


What are we talking about? The anxiety experienced when you make a credit decision, only to find out too late that the report you had didn’t cover the last year of stomach-churning drops in the company’s credit rating — that sudden, looming realization that you might never get the money for that sale.

Ansonia's expertise is to make sure you never feel this again.

Your business needs accurate, flexible business credit reports. You need them FAST and up-to-date... and you want them to be highly affordable. We are the NEW credit reporting service that is bending over backward to give our clients exactly what they need.

See the difference.
Try our free credit report today.




Why Our Data is Better

Our Data
is Unique

We collect data from all types of businesses — from Mom & Pop all the way to Fortune 500. Our state-of-the-art platform enables us to accept data files that other business credit companies cannot.

Our unique database translates to more relevant information, which translates into you making better credit decisions and making more money. Many businesses find that Ansonia’s core business credit report is the only credit risk decision tool they need.

Our Data
is Fresh

What would happen if you gave a customer a large amount of credit, only to find out too late that the report you had didn’t cover the latest stomach-churning drops in the company’s credit history? You may have a sudden, looming realization that you might never get the money for that sale. 

Ansonia to the rescue! Unlike many other credit reporting companies, we continuously update our database 24/7, ensuring the freshest data possible. And with a click of a button, you can get the latest judgements and public records. This is our expertise — to lessen your anxiety over future credit decisions.

We Do Not Buy
Our Trade Data

There are some business credit reporting companies that buy, repackage and resell other credit reporting companies' data. We collect our own up-to-date and reliable data and don't sell it to other companies. Nor do we buy data reports from other companies. Our database is unique and secure.


We Do NOT Own or Partner With A Collection Company

Some credit companies partner with collection agencies and may have conflicting business dealings. We are strictly in the business of providing credit data intelligence to businesses.

It's the only thing we do and we do it well. You can depend on us to ALWAYS give you accurate information that will benefit your business.



Up-to-Date and Accurate

We are very pleased with the quality and reliability of Ansonia’s credit information. The information is always up-to-date and accurate, and obtaining credit reports is a very simple and fast process. Furthermore, the level of personal support and service we receive from Ansonia is top-notch. We are extremely fortunate to consider Ansonia as a trusted and valued partner in the transportation industry — they definitely help make our job easier!”

—Eric Belk, Vice President
Match Factors

Members who provide data receive up to a 40% discount on their business credit reports.





No Finance Degree Needed

Have you noticed that reports from the other business credit report companies are extremely hard to read? You need to learn about a customer's credit worthiness fast. But you're stuck wasting time trying to figure out a report that is full of numbers, but doesn't tell you much.

It's difficult to tell a good customer from a bad one. There may be a note the customer was 90 days delinquent on a payment, but you are not told if that was years ago with just a single slow payment, or if the customer is delinquent all the time. And hey, if you can't find out what you want to know NOW, the report is worthless. You might as well flip a coin.

This hurts your business. You may take a chance on a customer who winds up burning your company. On the other hand, you might pass on somebody that would be a great customer — and you lose the sale.

Ansonia saw this problem and fixed it. Our reports are extremely easy to read. We go the extra mile to make sure ALL the numbers make sense. And we are sticklers for assuring you have the exact stats you need when you need them.


No Pre-Paid Contract Required

Annual contracts are devised to lock people in long term. Other business credit reporting companies encourage you to give everyone in your company access to their information — the more employees running reports, the better.

And when contract renewal time comes, they pull out a 10 pound stack of all the invoices you pulled to support why you can’t live without them. Oh, and buy the way, your price goes up. 

Often they will offer a business a three-year contract with price escalations. So they lock you in, guarantee themselves a nice revenue increase each year, all while selling the exact same report.

Why should you agree to pay 3-5 percent more over a period of 3 years for the exact same report? If it’s the same report, why should you have to pay more from year to year? Are the reports giving you more value? We offer you a better solution. 

With Ansonia, you only pay for what you use. No long term contracts. No escalating fees over time. And to top it off, members who provide data receive a discount of up to 40% on their business credit reports. You get the accurate, easy-to-access credit reports you need at a dramatic savings.

Additionally, members who provide data receive up to a 40% discount on their business credit reports.






Customizable Reports Lead to Better, Faster Credit Decisions



 

Watch the video below to see how your report would work.
commercial credit reports

You Can't Go Wrong with Ansonia

When Transwest Capital first started out we were using another credit data company to verify the credit-worthiness of our debtors. While we were not unhappy with the company, we did not know what we were missing until we signed up with Ansonia Credit Data. After switching to Ansonia, we started to realize that the information we were previously using was not as fresh as advertised. With Ansonia, we know we are receiving the most up-to-date and in-depth look at a debtor’s credit-worthiness. In a word, we had become complacent with the previous company, trusting that their data would help us protect our receivables. It did, to a point. Now, we feel as if we have a partner watching our backs 24/7. Coupled with the customer service the staff at Ansonia provides, you can’t go wrong with Ansonia Credit Data.”

—Brian Cummings, Operations Manager
Transwest Capital



We Can Integrate With Your Software

We welcome special programming requests. Have you ever tried to get a customized project with one of our competitors? One of our current clients signed a contract with our competitor to provide a customer-facing online credit application.

Our client worked with that company for over an entire year, and failed to receive a working product. We took this project on from scratch, and had the entire process ready to go in just two months.

Businesses run lean shops. Employees are generally expected to do more and more in a finite number of hours per day. Automation/integration is the key.

With our 21-st century, state-of-the-art technology, we easily integrate with any software. We can “push” data intelligence to our customers to help them streamline their processes. These kinds of tools mean you don’t have to pay someone to sit at a desk and look at credit app after credit app and run one report at a time.



ansoniaphonelines

Live People Answer Our Phones

This really shouldn’t merit a mention. After all, it’s common sense that a company would take calls from their clients so they could help them and provide great customer service. Right? Wrong.

Most calls to our competitors seem to be sucked into a pit where voicemails go to die, leaving you stranded and without help. Fortunately, that’s not how we operate.

It’s a point of pride for us to pick up the phone when you call and to give you as much help as you want. So if you don’t want to feel like you’re alone in the dark, give us a call now at 1-855-267-6642 to let us shine some light on your situation.


ansoniarule

Ansonia Clearly has the
Advanced, Customer-Oriented
Business Credit Reports You Need

By combining top-notch, highly reliable credit reports with caring customer service and BIG savings — Ansonia is rapidly becoming the first choice for businesses of all sizes.




See the difference.
Try our free credit
report today.

•  Verify a new customer
•  Check an existing customer
•  See the difference
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Or Call Us Today at:
1-855-267-6642



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3 Quick Business Credit Report Red Flags to Avoid Bad Debt

Extending credit is a requirement of doing business today. This necessity unfortunately opens you up to credit risk and the potential for bad debt. While you may not avoid all credit risk, credit managers are able to greatly reduce their likelihood of a collection account or bad debt by pulling a business credit report.

Good credit managers are able to read a credit report to understand how a company has historically paid their bills. Great credit managers are able to use a credit report to predict how they can expect to be paid.

Within the report, are red flags that these great credit managers look for to avoid bad debt.

The 3 Bad Debt Red Flags on a Business Credit Report

Knowing how to read a business credit report is a requirement of any good business credit professional. It is the great ones that are able to use a report to avoid the likelihood of bad debt.

Here are 3 red flags that they look for to reduce their credit risk.

1) Low Business Credit Score

Business credit scores give you an idea of risk potential. Each business credit bureau has their own scoring system, but the scores are usually calculated based on factors in the following four areas:

1. Payment history

2. Current level of indebtedness

3. Current level of delinquencies

4. Length of credit history

Each bureau will tell you what range of scores they consider high risk. On an Ansonia Business Credit Report, a risk score of 70 or lower is considered high risk. A low score is not cause to deny a company credit on its own; use your judgment here. If the company has a low business credit score and other adverse information on their report (such as flags #2 and #3 below), you are probably better off working with them on cash terms.

2) Credit Alerts

Credit alerts are never a good sign. Ansonia displays in bright red, hoping to literally "alert" our customers of the adverse information.

The severity of the credit alert can range greatly, from a bankruptcy to a slow pay.

While this is not a hard and fast rule, alerts can be grouped into two categories: approach with caution and approach with EXTREME caution (creative right?)

Approach with caution

  • On cash terms

  • Slow pay

  • Phone disconnected

  • Returned check

    These are often early warning signs. For example, if a company is starting to have cash flow issues, you might see a "slow pay" or "on cash terms". It is important to note that alerts in this category can sometimes be explained:

    Slow pay - possibly a billing error

    Phone disconnected - the company just moved offices

    Regardless, approach these with caution; an alert is still an alert.

    Approach with EXTREME caution

  • Bankruptcy filed

  • Fraud account

  • Credit revoked

  • Judgment filed

  • Write-off

  • Collection Account

    Can you imagine if your company had one of the above alerts posted on your company credit report? These are big, bright, flashing red flags. They almost always indicate that a company is in trouble.

    If one of the above alerts is present, cash terms are recommended over extending a credit line.

    Credit alerts are never good. Regardless of its severity, an alert is always cause for further investigation. They are the cause of a lot of bad debt and write offs.

    When you see one, be careful.

    See a full list of credit alerts from Ansonia here.

    3) Increasing Days to Pay and an Abnormal Number of Credit Inquiries

    One of the best early warning signs on the credit report of a company is an increasing number in days to pay. This increase is especially worrisome if it is coupled with an abnormal number of credit inquiries (the number of times a business credit report has been pulled).

    What is an abnormal number? Look for a trend here. For example, a company has consistently had 4 inquiries on their credit report, and in the most recent two months has had 12 inquiries.

    The combination can often signify that the company is in trouble. It often means that they are having trouble paying their current creditors (increase in days to pay) and are out looking for new creditors (abnormal number of credit inquiries).

    Pulling a business credit report before extending a credit line can drastically decrease your credit risk. There are many things to consider on a report and these three are some of the worst in terms of risk potential. Avoid them and you can greatly reduce your chances of taking on bad debt.
  • 5 Tips for Improved Accounts Receivable Analysis

    Here are 5 tips to improve your process today.

    1) Stay on Top of Things

    Stay vigilant and keep on in front of your accounts.

    Accounts receivable analysis is something that should be done on a constant basis taking into consideration that the tides can turn quickly with a debtor that might be over-extended or affected by seasonality or industry.

    Protect your companys bottom line with automated credit monitoring tools and set up alerts to notify you of significant changes in a debtors account and behavior.

    By regularly monitoring significant events like bankruptcy, fraud, judgments, or slow payments; you can start solving problems proactively before things get out of control.

    2) Screen your Business Accounts

    Obtain up-to-date business credit reports on your debtors before extending credit or authorizing additional transactions. This will help minimize or prevent collection and legal issues before they even start. Screening potential clients will help identify high credit risk accounts before you can get burned. Yeah, easier said than done, right? Obtaining updated reports on all of your debtors could give you hundreds of extra reports to read every week, further bogging down the credit approval and review system.

    The answer is to have your debtors credit information and trending updates provided by a push technology through a vetted accounts receivable management software.

    3) Know your Limits

    No one on the outside will understand your business as well as you do. Define your own limits for allowable account size and days to pay. While there are of course industry standards, these might not pertain to your business. Depending on your industry you may require shorter terms therefore increasing your cash-flow, or your customers may require extended terms for which you have made concessions.

    Define special criteria to make the most of loyal customers and prevent bad credit risks from going too far. If using automated monitoring, make sure you can set custom filters to set custom filters to match your threshold.

    4) Share the Responsibility

    It is easier said than done, but delegate different analysis tasks to different employees.

    Analyze your accounts for your important notification events, and have more than one person on the receiving end of the reports. Not only will this save you time in accounts receivable analysis, but it will provide an extra few sets of eyes to catch any potential problems. Additionally, this is a great way to spread responsibility for vacation and sick days, making sure your assets are always monitored.

    Remember, sharing is caring. 5) Use a Customizable Report

    Utilizing an accounts receivable management report can provide you with the analytics and overview you need for a quick and effective review of your risk saving both time and money in identifying potential issues.

    This reporting should show not only your trending experiences, but also compare to the industry and creditors experiences.

    When looking for ways to improve your accounts receivable analysis, remember these tips to keep your cash flowing. Automatically monitor credit events to identify potential problems before they can get exponentially bigger. Screen your debtors to identify potential problems with an aggregate system to identify poor credit risks before business begins. Set custom account limits that work for your business needs, not arbitrary guidelines based out of text book. Add an extra set of eyes to the reporting process by sending notifications to different department personnel. Lastly, use an accounts receivable management software to improve timely identification of debtor trends and flags.
    5 Ways to Reduce DSO

    Most businesses focus on improving their cash flow. After all, cash flow is what keeps a business afloat. One way to improve your cash flow is to reduce DSO, or Days Sales Outstanding. This is a calculation of how quickly, or slowly, a company collects on their accounts receivable. By reducing your DSO, you will effectively improve your cash flow position. Here are 5 great ways to reduce DSO and get more cash into your pockets.

    5 Tips to Reduce DSO

    1) Work on timely and accurate billing

    Obviously, the longer it takes for the customer to receive their invoice, the longer it will take for you to get paid. Invoices should be sent out immediately upon receipt of goods, or services rendered, and payment terms should be clearly noted. Be certain to verify the correct billing address to avoid an invoice being lost in the shuffle. There are many companies that now accept electronic invoicing take advantage of this option if possible to remove mail time from the equation altogether.

    2) Offer payment incentives

    Offering discounted terms incentivizes quicker payments. You could offer a discount for paying within 10 days when your normal terms are net 30. Speeding up your cash-flow, allowing for the purchase of additional materials, services and savings on loan fees can greatly off-set the nominal discount provided. The amount of discount and time frame is obviously up to you. Choose what makes the most sense for your business.

    3) Make sure terms are clear

    In some cases, part of the problem for slow payment is due to confusion with your payment terms. Be sure that they are clearly and simply stated. Every business that invoices should have agreed upon payment terms. These should be stated up front and listed on every invoice. Be sure to include these in any contract or agreement you make with a customer. Also, clearly mark the due date on each invoice in order to emphasize to the customer when you expect payment.

    Proactively, your collection department might even want to give the customer a call when they are getting close to the due date as a friendly reminder. Any pricing or service disputes can be handled prior to the invoice going delinquent.

    4) Do your due diligence when extending credit to a new customer

    An accurate business credit report, pulled prior to extending credit to a new customer, is fundamental in reducing your credit risk Knowing the payment trends of your customers will help you to make a sound credit granting decision when considering your DSO target. If a customer clearly pays outside your terms, consider placing them on a cash only basis.

    Utilizing the payment information, provided by your credit peers on a business credit report, can provide you with a much clearer picture of the payment trends of your potential customer.

    5) Walk away from bad customers, or at least re-structure their terms

    Admittedly, this is an extreme step, however, there may be cases where one or two extremely slow-paying customers end up dragging down your DSO. Before making such a drastic decision, take the time to evaluate what dealing with their account is costing you each month. When you determine this number, compare it to their profitability. Is it worth it?

    Try working with the sales representative on the account to restructure the payment terms and arrangements. Joining forces with your sales team and understanding the risk/reward on both sides will provide a stronger front to the customer if more drastic measures need to be taken.

    Focusing on ways to reduce DSO is incredibly important. It has the potential to pay you back many times over.

    Start with a plan, implement the steps needed and watch your cash-flow improve.
    Accounts Receivable Management: When Good Customers Go Bad

    Business relationships are built on trust. Initially a business credit report may be pulled in order to establish creditworthiness. Over time, as credit lines are extended and paid, that trust can grow into a valuable working relationship: one which extends beyond services rendered and payments made. In fact, relationships such as these are a key component of good accounts receivable management.

    Many companies understand the 80/20 rule: that 80 percent of their business typically comes from the top 20 percent of their customers. These are relationships to be cultivated and nurtured. But with the volatility of many markets and the inherent risks in doing business, there is no guarantee that your best customers will remain your best for the long haul. How do you tell if a good customer is going bad?

    The Warning Signs a Good Customer Could Be Going Bad

    Lines of Communication Go Silent

    One of the hallmarks of a good customer is that they pay promptly and in full: they take responsibility for their own payment schedule. If they anticipate a problem, they call in to work out a solution; after all, a temporary accommodation for a valued customer is preferable to losing the customer outright, or having accounts go delinquent and damaging the customer relationship.

    But when payments slow down or cease without warning or explanation, there is something wrong. If you have to contact them to get information on the status of a payment, it could be a sign that they are in trouble and are not confident that they will pull out of it in a time frame they can work with you on. A transparent business credit report can be a good way to check the payments pulse of a company. If there is a recent slowdown in payments on multiple credit lines, that could spell danger.

    The Tone of Conversation Shifts

    If you have enjoyed a cordial relationship with your customer, a sudden personality shift is not a good sign. If the customer is defensive, irritable, or evasive when the topic of payment comes up, something is rotten in the state of their finances, and it may be causing them strain they do not want you to see. A company under financial stress may also turn to complaints, even demanding restitution for goods or services which they had been satisfied with in the past. In general an adversarial relationship between your company and your customer is something to be avoided, but an adversarial shift from a customer with whom you have had a lasting good relationship is a big warning flag.

    Gaps and Mistakes in Payment History

    If you work with a company you invoice regularly, you may see that some isolated invoices begin to be neglected. This can be a delaying tactic, employed to gain the company more time to come up with funds: they can wait for you to contact them, claim the invoices were never received, ask for them to be re-sent, and then insist that they have a grace period from the date of invoice receipt rather than the original invoice issuance.

    A recent business credit report can also give you an idea of whether or not the invoices for multiple accounts have mysteriously gone missing, or if it is just that your lines of communication have actually become tangled.

    Another delaying tactic can be slight mistakes in payments, such as checks issued to companies with misspelled names: the time it takes your company to catch the mistake and call your customer on it can provide the customer with a little extra breathing room to scrape together funds. However, the fact that they need to rely on these falsifications indicates that their cash flow is unstable; whether or not the check goes through in the end.

    Falling Credit Scores

    If you have a number of companies to whom you have extended lines of credit, it is a good idea to keep an eye on their ongoing credit scores. While not all financial credit will show up as a credit alert on a business credit report, it will give you the tools to gauge the general financial health of a company. If, for example, a customer you have worked with in the past shows a trend toward longer and longer delays before payment, or a swell in the number of credit inquiries being made on them (indicating that they may be applying for lines of credit from multiple sources), it could be an early warning sign.

    When a customer starts showing credit alerts, it is time to run, do not walk, to cash-only terms. The unfortunate fact is that good customer relationships do not always last forever, and it is up to your company, and its accounts receivable managment team, to monitor business credit reports and protect itself from credit lines that suddenly become high risk.

    Sales vs Credit: How to Get Along

    Every company organizes itself into departments which can handle critical operational aspects of the business. In general, they should all be pulling together to help meet goals of the the company. Sometimes however, the individual responsibilities of two departments seem completely at odds: take the case of the sales department and credit or accounts receivable management. Both departments are concerned with the business relationship between the company and its clients. The sales team is interested in establishing relationships, and accounts receivable sees to the profitable resolution of those relationships. But while a sales team is rooted in enthusiasm and a the more, the better approach to client/customer acquisition, accounts receivable management has to assess the risk of each new credit line, because a credit line that goes delinquent can be worse than having no customer at all. Credit and sales are both essential to the running of a business. So how do you reconcile them?

    Decide Your Risk Tolerance

    If you extend a line of credit to everyone, your company will bleed dry. If you never open a line of credit, you will never grow your stream of revenue.

    There is a saying in the computer security sector: the most secure computer is one that is kept in a locked closet, never connected to the internet and has no keyboard or monitor. Of course, the computer is pretty much useless for any practical purpose. That is an overly simplified way of illustrating that too much security hampers you just as much as too little can damage you.

    Understand the risk tolerance of your company and develop a credit strategy to match it.

    At the same time, studies have found that managers consistently undervalue their credit and accounts receivable management. Remember that without an empowered and effective accounts receivable, assets never turn into revenue and that is no way to run a business.

    Front-Load Credit Information in the Sales Process

    There are plenty of fish in the sea, and when it comes to credit, knowing which fish to angle for can be a big help to sales departments. Accounts receivable management often has its finger on the pulse of the business credit world, and can provide sales teams with initial creditworthiness assessments to help them target the most desirable customers.

    If the sales department handles any aspects of the credit application process which is likely the sales team and credit managers need to coordinate to make sure the onboarding process fully collects the right information, does not waste time collecting needless information, and is as streamlined and as painless as possible. Credit managers often do not understand the pressures of a sales environment, while salespeople do not always appreciate all the details of a credit application. Have representatives from the two groups meet together to design documents that serve both groups well.

    Keep Your Options Open

    Not every high-risk credit line should be written off, and sales departments should be aware of options to offer prospective clients whose business credit reports might not come back golden. Letters of credit and credit insurance are two options to consider when you want to establish a business relationship but do not feel great about the level of risk.

    When a company has been vetted by proactive credit manager, a sales team can go into their meetings with options ready and available. This can help them approach a prospective client with more assurance and enthusiasm, and can help close a deal where other companies might balk. If all goes well, it could lead to a long and profitable business relationship. If it goes south, your company still has a way to recoup the losses a delinquent account would have incurred.

    Incentivize Cooperation

    Even though your sales team is pushing the boundaries of your risk tolerance and your accounts receivable management is holding them in check, try to look at both departments as part of a larger revenue pipeline. If you can design your company culture to be aware of that interconnectedness, both teams can function better together.

    Consider driving the message home at both culture and compensation levels. Having the two teams share a floor or share performance bonuses can increase communication, and let the people on the ground call out any areas for improvement. Instead of seeing each other as an impediment to effective business, emphasize that each group should be a resource for the other.

    Balancing the Risk/Reward thought process and cooperation between sales and credit can be a challenge and with the right guidance, communication and implementing these suggestions it can take your business to the next level. Encourage a united front with focus on the end goal.