The Role of Bank References in Establishing Creditworthiness
- Lindsay Hofbauer
- Sep 5, 2023
- 1 min read
Read the full white paper, published by NACM, below:
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.
Comments