Coface becomes first credit insurer to receive SME financial information via CreditPal

April 20, 2010

Coface has joined forces with CreditPal to help business update and improve the accuracy of their credit rating.

By registering with Coface’s Transparency Charter and accessing CreditPal via the Coface website, a business can upload its financial data directly from their accounting package. This data is first validated for its accuracy and quality and then shared with Coface’s information partner Graydon, who will analyse the financials in order to express a credit rating. The business can then choose to share this report with Coface.

Andrew Share, Coface Credit Management Services Director, comments: “This initiative, starting mid April 2010, empowers businesses to gain the best credit assessment for their business. We are delighted to have a partnership with CreditPal, a secure and unique online service that collects, validates and standardises management accounts in order to provide up to date credit information and recommendations.

“It is an exciting opportunity for businesses to proactively update their credit rating, and ultimately obtain the best level of credit insurance cover on themselves. In doing so we are enabling every UK business to obtain the best possible terms and conditions for trading on credit.”

Martin Williams, Managing Director of Graydon, adds: “The CreditPal service, in association with Coface and Graydon, provides an opportunity for UK businesses to have their current creditworthiness assessed based on up to date monthly management accounts. Without this service, too many businesses may be held back from trading out of the economic crisis by poor looking statutory accounts covering the recessionary years of 2008/2009.”

Chris Poll, Chairman and CEO of Future Route, provider of CreditPal, concludes: “The credit crisis and resultant drought of finance and credit emphasised to every UK business that it is essential for them to be considered on their own individual financial merits.

“At the same time the finance and credit industry is increasing the degree to which it assesses and prices their services based on their customer’s latest management accounts. This is a real win win for everyone concerned and is key to getting the economy out of recession and growing again.”

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