Businesses offering a credit line to their customers are at a high credit risk that often leads to a cash flow crunch due to delayed repayments affecting business activities and outcomes. A furniture renting business providing furniture to Individuals and Businesses by offering a credit line faces a similar problem.
With the help of Recordent's custom dashboard, the furniture company started accessing their customer's credit scores and reports to make an informed decision while extending the credit line.
Recordent with an established relationship with credit bureaus to exchange credit report data in a consent framework quickly extended a valuable and straightforward solution.
A simple structure to follow, the Recordent team created a custom solution for the rental company to access credit report data according to the defined compliance guidelines.
Recordent shares an insightful report that quickly highlights vital information like the credit score, payment history, recency of late payments, credit utilization, account status, credit age, and recent inquiries based on data available on the customers' credit report. This insightful summary helps their risk team make quick decisions and reduces the turnaround time in approving the credit line for their furniture rental business.
Upon using the Recordent dashboard to access credit reports before offering a credit line to their consumers, the furniture rental firm saw an impressive 3x increase in volume within a short span of 30 days.
This partnership is the first step towards the company realizing the true potential of data to operate beyond the circle of trust. One of many steps Recordent has taken to help businesses unleash the power of data to reduce their credit risk and improve the cash flows.