Post Credit Debt Recovery

This is the last installment in a four-part in a four-part series of “When to use a Commercial Credit Bureau”. The previous article can be read here.

SMEs often have this conception that once bad debt has been incurred, they can only find ways to write off the debt, or proceed with legal actions or lament over the loss while debtors benefit from your loss. Spillover effects include more prudent business practices or bringing it to the extreme; some smaller SMEs will then adopt a strictly no credit transaction terms which limit growth in the long run.

Indeed, on its own, SME could not go beyond the typical collection cycle of sending reminder letters, chaser calls or even heading down to the provided offices address which could be fake or just a dormant. SMEs could then leverage on credit bureau (for example: DP SME Commercial Credit Bureau) to retrieve information to aid tracking and recovery or even acts as a long term collection tool. SMEs could also make the decision to outsource certain debts to leverage on debt collection agency (for example: Datapool) expertise to aid recovery on or at least to place plain refuse to pay debtors on the black list maintained by credit bureau. The former enable companies to enjoy professional collections service with minimal fee and hassle while encouraging active companies to pay up to clear their name from the black listing.

The following infographic will show you how a credit bureau will be able to assist you in recovering debt through alternate ways and methods.

To know more about a commercial credit bureau, you can email smecb@dpgroup.com.sg.. DP Information operates a SME Commercial Credit Bureau that assists companies to make sound and informed credit decisions and/or support you through our integrated credit solution that includes debt recovery and management through our subsidiary; Datapool Pte Ltd.

With more than 3 decades of experience in debt collection coupled with intelligence and analytics from DP SME Commercial Credit Bureau, we are the leading comprehensive credit solution for all SME needs.