Equifax sees supplier alerts leap up 300%

23 August 2009

24 August 2009

Buyers are taking the threat of suppliers going bust very seriously, figures from Equifax show.

The business information provider registered a 300 per cent increase in customers using its business monitoring alerts in the past year.

It said the "phenomenal rise" demonstrates companies are keeping a close watch on the financial position of both suppliers and clients, in a bid to safeguard themselves from risk.

In July, Equifax found a total of 8,874 firms ceased operations during the second quarter of this year (Web news, 20 July).

This represents almost a 40 per cent rise compared with the same period in 2008.

The company's external affairs director, Neil Munroe said: "In times when new credit is difficult to come by and banks are reducing or even recalling debts, there may be a temptation to cut spending on basic processes and disciplines. But when times are tough, cutting back on checks could be a false economy."

SMaug2009

LATEST
JOBS
Cornwall
£37,191 - £44,697
Cornwall County Council
Hounslow, Heathrow /Richmond upon Thames
Competitive salary depending on experience plus generous share award
Tails.com
SEARCH JOBS
CIPS Knowledge
Find out more with CIPS Knowledge:
  • best practice insights
  • guidance
  • tools and templates
GO TO CIPS KNOWLEDGE