Equifax reports huge rise in businesses tracking customer and supplier status
Business information provider, Equifax, has seen the use of some of its business monitoring alerts increase 300% in the past year as companies try to stay up to date with the financial status of customers and suppliers in order to protect cashflow and safeguard against bad debt.
Neil Munroe, external affairs director for Equifax said: "It's very encouraging to see businesses taking positive steps to stay on top of the financial status of customers and suppliers with monitoring tools.
"In times when new credit is difficult to come by and banks are reducing or even recalling debts, there may be a temptation to cut spending on basic processes and disciplines. But when times are tough cutting back on checks could be a false economy."