The Role of Bank References in Establishing Creditworthiness

Read the full white paper, published by NACM, below:

BankReferences-Whitepaper-Aug23 (1).pdf

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Key Findings

• The hunt for credit information in B2B trade has evolved, but bank references remain a timeless and irreplaceable tool for assessing creditworthiness.

• Financial institutions provide additional information that cannot be found elsewhere to support the credit investigation.

• A customer’s banking history can provide valuable insight into their working capital and cash flow and is a valuable piece of a customer’s financial puzzle.

• 27% of companies lose more than $1M in revenue each year due to the inability to obtain sufficient customer information, according to an NACM eNews poll.

• 16% of credit departments say insufficient credit investigations have been the biggest cause of credit losses over the last three years.