Your business's credit status is constantly being monitored and affecting your ability to trade with customers and suppliers. Now, more than ever, it is critical that your credit status is up to date.
This is where Coface, in association with a new service called CreditPal and information partner Graydon have joined forces to help businesses update their credit opinion and score.
What is CreditPal?
CreditPal is an online service that collects, validates and standardises management accounts, primarily from SMEs, to provide up to date credit information and recommendations. This enables better risk management and improved access to credit.
It is the only way a business can receive an up to date credit recommendation based on its management accounts rather than its statutory accounts.
CreditPal is a service provided by Future Route. They have teamed up with Graydon and Coface to facilitate the posting of management accounts. By choosing to upload your management accounts, you have the option to share them only with Coface (and of course Graydon) so that you may update your credit opinion and score.
Coface, in association with CreditPal, is the only credit insurer that is proactively working with its clients and their customers to help them update their credit opinions and scores.
What are the benefits of CreditPal?
- Empowers you to update your credit opinion and score
- Enables you to gain the best credit assessment for your business
- Enables you to access the best credit and finance for your business
- Allows you to extend more credit to your most deserving customers
- Improves access to credit insurance cover on yourself
- Enhances the financial management of your business
How to do it
- Go to the CreditPal website and upload your management accounts as described on that site.
- Return to this CreditPal page and complete the Transparency form. Please ensure you tick the box 'Management accounts submitted via CreditPal' on the form in the section entitled 'Financial data provided'. Send the form to transparency@cofaceuk.com. This ensures we can retrieve the accounts from CreditPal.
How much does it cost?
Any business can use the CreditPal service to upload their management accounts. A fee of £100 +VAT is payable to CreditPal, as outlined on their website. This payment is exclusively for CreditPal, Coface does not receive any payment.
