Creditreform annual report
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Creditreform annual report
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C r e d i t r e f o r m annual report
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PageForewordDigital experience 4
CredITreForMCoMMerCIALrePorTSNever as valuable as now 5
CredITreForMdeBTCoLLeCTIoNMarkt im Fokus – Digitalisierung 6
CredITreForMINTerNATIoNALBorders disappear – Risks remain 7
CredITreForMrATINGCreditreform Rating with newline of business: Sovereign ratings 8
CredITreForMBoNIVerSUMBoniversum stays on the fast track 9
IMPrINTCreditreform: Professional partnerfor secure business worldwide 10
3CredITreForMANNUALrePorT2016 /2017
t a B l e o F C o N t e N t S
Between"digital-analogueconverter"and"digitalworld",thereare around 500 entries startingwith theword digital in theGerman version of wikipedia. And the articles themselvesincludecountlessmorecompoundscontainingthatword.Thatisjustanotherindicatorofhowimportantdigitisationhasbe-come–inourday-to-dayactivitiesandinourworkinglives.Andeventhoughthere are no entries headed "digitalcommercial reports" or "digital debtcollection", our two core services areverymuchaffectedbytheupheavalsofdigitisation.
whereelectronicinformationdeliveryanddebtcollectionareconcerned,wehave always been in the front line ofdevelopment.Aslongagoasthe1980s,commercial reports were availablefromthedatabaseonlineviamodem,whilebeforetheturnofthemillennium,debtcollectionfileswerealreadyavail-able electronically, enabling creditorsto check on a PC the status of anydunning proceedings. Nowadays, theinformation we provide is ready-to-handle in theriskmanagementsystemsofourclients,custo-mised in an electronic exchange to meet their individualcontrollingrequirements. Inthisway,newcommercialreportformatsandmonitoringserviceshavebeendeveloped–andareconstantlybeingdevelopedfurther–toadaptBigdataincreditor protection to meet the specific needs and require-mentsofeachindividualmember.withtheelectronicintegra-tionofourbalance-sheetdatabase, theAccountsreceivableregisterGermany,informationfromdebtors‘listsandinsolvencyregistersaswellasmanyotherdatabases,wearecreatingnotonly awhole new range of products but also a density andsecurityofinformationthatisuniqueinthefieldofsafeguardingcreditors.Thatmarketleadershipfuelsfurthergrowth:infiscal2016,internationalturn-overreachedeUr563.0million(2015:eUr 547.8 million), while revenues in Germany rose toeUr498.7million(2015:eUr484.7million).
Paralleltotheadvanceofdigitisation,weconsideritcrucialtogoonextendingandevolvingtheexperienceandexpertiseofour employees and integrating this into our processes. Thecreditverdict,theultimateassessmentofcreditworthinessinacommercial report, is delivered by an employee. Is it worthlaunchingacollectionprocedure?whatisthemostpromisingcourseofaction?Thesearealsomattersdecidedbyourstaff
– in consultationwith you.At 129Creditreform locations inGermany alone, we conduct close-to-the-market research.ourownobservationsandourpersonalcommunicationwiththosewedealwithinourreportsgiveusdetailedknowledgeofbusinessenterprises.researchinvolvesmorethanweb-craw-
ling.Thecurrentdiscussionabout"fakenews” in a "post-factual world" showshow important it is for people to beabletorelyoninformationobtainedviathe Internet and to understand thebackgroundtotheopinionsandassess-mentsobtainedviaTwitterorwebsites.
ForCreditreform,communicationwithour members is important – whetherthis takeplace face-to-faceor via newdigitalchannels.Todevelopthatdialoguefurther, we will this year unveil a newonlineportal–onethatisnottechnology-driven but target-group-oriented andthus more personalised. It will givemembers greater scope to create anindividualprofileinconnectionwithourservices.Theycanthenbeofferedaddi-tional services aligned to their needs
andwishes,andtheywillbeable,forinstance,toupdatetheirself-appraisalselectronically.Forus,thelaunchwillbefollowedbyalearningphase,withatwo-wayexchange:wewillseewhatiswellreceived,whatgoesdownwellandwhatdoesnot,andthatwillenableustoadaptthenewanddynamicCreditreformportalonanongoingbasis.
ourservices,businessinformationanddebtcollectionactivities–andallthecomplementaryofferingsclusteredaroundthem–requiretrustandasenseofcloseness.Botharetraditionallyshapedbymembershipandgeographicalproximity.Nowandinthefuture,theywillalsobecreatedbytheopportunitiesfordialogueinthedigitalworld.
Yours
Digital exPeRieNCe
CredITreForMANNUALrePorT2016 /20174
F o R e w o R D
Christian Wolfram,PresidentandChairmanoftheJointBoardof
VerbandderVereineCreditreforme.V.
Themost recent surveyofGermanSMesconductedby theCreditreformeconomicresearchUnitpresentsahighlypositivepicture.Businessisbooming,companyorderbooksarefull.onethirdofallfirmsinthecraftssectorreportgrowingrevenues,whileoverhalfaremaintainingtheirturnoveratasteadyhighlevel.Paymentconductamongcustomershasalsoimproved–over 90 % of the firms surveyed say that their invoices aresettledwithin30days.Together,thesefactorsmightmakerisk-provisioningbymeansofbusinessinformationproductsappearunnecessary.But is that really the case? Is it reallyno longernecessarytocheckoutacustomer’scredit-worthiness?
Thefactsofthematterarethatineconomicallysecuretimes,quiteafewfirmswillbeinabetterpositiontocopewithlossesorpaymentdefaults.Butwhyshouldthey?everysingleunpaidbillisonetoomany,everypaymentdefaultcallsforadditionalsalestokeepprofitsstable.AndsoCreditreformcommercialreportscontinuetoflourish,asindicatedbythegrowingnum-bersofreportsissued.Afterall,beforeanygoodsaresold,thequestionofthecustomer’scredit-worthinessarises–andthisissomethingthattheincreasingdigitisationofsaleschannelshasn’tchanged.Quitetheopposite,infact:thismakestransactionsevenmoreanonymousandextendstradecreditintotheconsumersector,too.Againstthisbackground,Creditreformoffersonlinemerchants a comprehensive solution for paymentprocessing:CrefoPay.Thisnotonlyhelpstore-duce the number of aborted purchases andpaymentdefaults,butalsohelpstocutcosts.withtheobjectiveofmaximisingrevenueswhile at the same timeprotectingtradersfrombaddebts,theriskinvolvedinanytransactionis checked and evaluated bymeansofamulti-stageprocedure.dependingontheresultthispro-duces, the buyer is automaticallytakentoadynamicpaymentpagewhichofferstheappropriatepay-mentmethods.Coupledwiththisisprofessionalaccountsreceivablemanage-mentwithintegrateddunning.
In2017, following the insolvencyof theBritishfirmofUPG,Creditreformtookoveritsactivi-tiesinGermanyandacquiredallthesharesintheformer parent company, UPG TechnologyGmbH,Berlin,whichhadnotbeenaffectedby
theinsolvency.UPGGermanyremainsanimportantpartnerintheonwarddevelopmentofCrefoPay–butisnowfundedbyCreditreformandunderitssolemanagement.
Butitisnotjustine-commercethatthefullspectrumofCredit-reformbusinessinformationproducts–fromcompactdatatopremiumcommercial reports–offer integration incustomersales and controlling processes. what sizeable, expansion-orientedCreditreformclientsneedisnotsomuchastandardsolutionasindividualisedinterfacingwiththeirriskmanagementin credit-standing appraisals. every year, the CreditreformCustomerandPartnerManagementteamcarriesouta largenumberofinterfacingprojects.Mostoftheseprojectstakeonlyafewmonths,frequentlywithintheframeworkofamade-to-measuredevelopment for theparticularclient.Asaresultofthe increasingdigitisationofbusinessprocesses at customersandpartners,andthecorrespondingmultipliereffectsfollowingimplementation,theCreditreformspecialistsare familiarwiththe systems that clients use and can thus tailor their offersprecisely. of special interest in this regard are CrM, erP,
accounting, and CMS systems. Systematic questioningidentifiestherelevantinformationontheclient’sprocessesandthisisthenstoredinourowncustomermanagementsystem. And although even experienced Creditreformadviserscanfinditdifficulttomaintainanoverviewofallproducts and their applications, focusing on particularfields of business enables us to offer pragmatic and
efficientsolutions.
It takes just a look at thefields of e-commerce orfintechtohighlightthefactthat even in times of afavourableeconomicclimateandimprovedliquidity,itisclear that commercial re-ports and credit-checkingare not only not super-fluous – they are in facteven more crucial thanbefore. And, thanks to
new ideas on connectivity, theynowalsooffergreaterconvenienceand
easeofuse.
5CredITreForMANNUALrePorT2016 /2017
NeveR aS valuaBle aS Now
C R e D i t R e F o R M C o M M e R C i a l R e P o R t S
Creditreformdebt collection–our secondpillarof creditorprotectionalongsidecommercialreports–continuedtoexhibitagoodbusinessperformancein2016.revenuesincreasedinallfieldsofCreditreformaccountsreceivablemanagement,from
traditional debt collec-tiontodebtpurchasing,and from our domesticto our internationalactivities. Creditreformthuscontinues toplayaleadingrole inGermanyand europe when itcomes to ensuring thepaymentofunsettledbills.
with state-of-the-artITsystemsandthecorrespondingin f r a s t r uc ture ,
our activities asser vice-providerfor a diverse rangeof business sectors
were intensified in2015 and 2016. with
the connection to sec-toral customer systems,Creditreformservicescanbeutilisedsimply,secure-lyandasintegralcompo-
nentswithin the customerapplication.Thebenefitsthiscreatesinthe
efficient shaping of customer processes, andthusthereductionofthecustomer-andcreditor-
relatedcosts,setourofferingsapartfromthetraditio-nal software solutions available in the market. And we
alwaystailorwhatweoffertothespecificrequirementsofthesector concerned, from energy supply, e-commerce, health-care, manufacturing and retail to logistics and transport,includinglocalpublictransportservices.ourofferingsarenotconfined to classical fiduciary debt collection but provideprocesssolutionsfortheentirelifetimeofamonetaryclaim–fromthemomentitfirstarisestothemomentitissettled.
In all this, emphasis is also placed on communication withCreditreformmembers.onourdigitalagenda,2016broughttheenergeticdevelopmentof thenewcustomerportal.ThenewCreditreformwebportalwillofferclients–notjustinthefield of accounts receivable management – access to a new
personalizableCreditreformworld.Theself-servicesonoffer– for instance for staff and authorization administration, thestoringandmodificationofcontactdata, anoverviewof theservicesalreadycalledup,andprocesssolutions–enablemem-berstodrawatanytimeontheentirespectrumofwhattheCreditreform Group can provide. The development of thisportalreflectsthestringentdemandsmadeonITsecurityandcompliance: it meets the highest standards of IT safety andavailability requirements. The launch will take place in thesecondhalfof2017.
eventhoughCreditreformistakingovertheleadingroleinthedigitisationofreceivablesmanagement,akeyprincipleofourcorporatestrategyisclosenesstothemarketandtoourcusto-mers.Thankstoover129businessoffices inGermanyalone,Creditreformisalwayspresentasapersonalbusinesspartner.Andthislocalandregionalpresenceisanimportantfactorinour successful debt collection efforts. Closeness to debtorsmeansthatopenclaimscanbeclarifiedinon-sitediscussions–and unsettled invoices can be paid on the spot. our debtcollectionfieldserviceexpertsareoftenabletoclarifyclaimswiththeindividualdebtoratanearlystageinproceedingsandthusavoidthehighcostsassociatedwithobtainingalegaltitleandsubsequencejudicialenforcement.
Adouble-digitincreaseininternationaldebtcollectionordersin2016testifiestooureffectivenessinthisfieldandunderlinesour top status inany international comparison.The inclusionoffurtherpartners inourcross-bordernetworkishelpingtoextendtheavailabilityofCreditreformservicestovirtuallyallthecountriesintheworld.Thecoordination,managementandmonitoring of debt recovery cases is always in the hands ofCreditreform’sinternationaldebtcollectiondepartment.
roundingoffourreceivablesmanagementservicesisfactoring.As a nationally leading operator, Crefo Factoring is much indemand.Ithandlesoveramillionclaimsayearforretail, lightindustrialandservicefirms,involvingaround500,000customeraccountsandavolumeofabout1.8bneuros.
Thosearesomefactsandfiguresfor2016,andinviewofthedigitalagendaweareenergeticallypursuing,theypresentposi-tiveprospectsfor2017andbeyond.
MaRket iN FoCuS – DigitiSatioN
CredITreForMANNUALrePorT2016 /20176
C R e D i t R e F o R M D e B t C o l l e C t i o N
Germany isandremainsanexportnation–despite the factthat this country’s substantial foreign trade surplus attractscriticismfromneighboursnearandfurtheraway,anddespitetheincreasingprotectionisttendenciesseekingtorestrictfreetrade.Aworldwithouttheexchangeofgoodsacrossborderswouldbecomepoorer.Itisnotjustbigindustrythatopensupmarketsabroad–Germany’ssmallandmedium-sizedfirmsalsoleavebordersbehindthemandexporttheirproducts.Butthatisnotaneasypath.Afterall,itholdsnotjustmanyopportuni-tiesbutalsorisks.especiallyinrespectofpaymentconductandthedebt recovery regulationsof the individual legal systems,thereareconsiderabledifferences fromGerman laweven inregionsthatarequiteclosetous.
A Creditreform commercial report is the method of choicewhenitcomestoobtaininginformationonabusinesspartnerinanothercountry.weattachedgreatimportancetoensuringthatour international reportsconformto those inGermany,particularlyregardingthebreadthandreliabilityoftheinforma-tionprovided.Thisisasignthatinitsworldwideactivities,too,Creditreform remains loyal to the principle of de-centrality.Thatiswhywefostercooperationwithcomparableoperatorselsewhereofferingcompetenceandmarketcloseness.Linksofthis kind call for ongoing quality control and monitoring, toensurethatthestandardswhichCreditreformsetsinGermanyaremetandsecuredelsewhereaswell.InCentralandeasterneurope,Creditreformitselfhasbeenactivesincethefalloftheformerborders,anditoperatesinChina,too.Altogether,wearelocatedin23countries.
Adhering toGermanstandardsalsomeans that internationalbusinessinformationproductsmustcoverthesamespectrum
as in this country, offering the various report formats andmonitoringsolutionsthatcustomersherearefamiliarwith.Thisextendsfromcompactinfos(UnternehmensinfoKompakt)tofull commercial reports. with this extensive range, theproductscoveranexporter’srisksituationandinformationrequirements. If therisk isonlyminor,abusiness informationproductprovidingcompanystructuraldataandsectoralfactsissufficient.Ifthedemandsaremorestringent,aninternationalcommercial report is needed, giving a triple-digit credit-standingindexfigureand,amongotherthings,financialdatafroma three-yearperiod.roundingoff this productprofilearemonitoringservices,whicharealsoavailable in linewiththespecificriskhorizon.Correspondingtothereport’sinfor-mationfields,thefollow-upspecificationscreatescopeforthepermanentmonitoringofcustomersandsuppliersabroad.
And should something ever go wrong, producing an unpaidinvoiceandacustomerwhohasbecomeadebtor,ourinter-national debt collection specialists can help. Here, too, ourservicesarealignedtotheindividualcase.ThisstartswithourInternationaldunningServiceandextendstotherecoveryoftitledclaims.Inthisway,languagebarriersanddifferinglegislativesystemsandunfamiliarjudicialproceedingscanbeovercome.
Lookingbeyondbordersforsalesopportunitiescanbeagoodandprofitableidea,buttherisksremain.Arecentsurveyofthepayment conductof companies inmajor customer countriesrevealsthatonlyrarelyarethecollectionperiodsstandardinGermany found elsewhere: on average in europe, it takesaround55daysbeforeinvoicesaresettled–andthatisalmosttwiceaslongastheaverageinGermany.
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BoRDeRS DiSaPPeaR – RiSkS ReMaiN
CredITreForMANNUALrePorT2016 /2017
C R e D i t R e F o R M i N t e R N a t i o N a l
8
Uptonow,Creditreformratinghasfocusedlargelyonratingbusinesscompaniesandtheirpublicofferings,performingasset-backedfinanceratingsforvariousassetclassesandproducingstructuredfinanceratings.Lastyear,thisspectrumwassignifi-cantlybroadened.Alongsidebankratings,oneprimenewfieldcomprisessovereignratings.ThisputsCreditreformratinginaleaguewiththethreemajorAmericanratingagencies.Sovereignratingsrepresentaglobaltoolforcomparingandassessingthecreditworthinessofacountryanditslevelofdevelopment.
Sovereignratings–whichratesovereignbondissuers–mustnotbeconfusedwithcountryriskratings,whicharebasedonthe business environment and the borrower in the countryconcerned.Asovereignrating isanassessmentof thebond-issuer‘scapacitytomeetitsfinancialobligationsinfullandontime.
Creditreformratingalsoratessovereignfinancial liabilitiesordebtinstrumentsdenominatedinforeignornationalcurrencies.Theratingsofgovernmentbondsrarelydifferfromtheissuer‘sratingbecausetheyaremostlyseniorunsecuredbondsredeem-ablebyasovereignentity.
Sovereignanalysistakesaccountofnumerousquanti-tativeandqualitative indicators.Creditreformratinghasdevelopedasovereignratingmodel that provides an analyticalframework for quantitativeandqualitativeanalysis.
Thebasisforthemodelisformedbyfourriskfactors:foreignexposure, macroeconomic performance, fiscal sustainabilityandinstitutionalstructure.Inapplyingit,theanalystsemployastatistical approach thatproduces a score for each individualriskfactorderivedfromthesummarizedresultsofawiderangeofquantitativeandqualitativeindicators.Themodelalsotakesaccountofcountry-specificinfluencingfactors.
Therisksituationassessmentsarebasedonbothhistoricaldataandthefuturedevelopmentoftheindicatorsused.Thisfore-castingtakesaccountofthefactthatanyratingassessmentisatoolforthefuture.Athrough-the-cycleapproachisthusadopted.
risk factor analysis is largely based on quantitative features.However, the influenceofqualitative indicatorson theratingshouldalsonotbeunderestimated. Inmanycases,qualitativedataanalysiscanbecrucialforarating.Thespecialstatusofasovereignbond-issuervisàvisotherborrowersplaysarolehere.Agovernmenthasspecialrightsandpowers.Italsohasgreaterscopeforaction,e.g.thoughmonetaryandfiscalpolicy.
SinceJuly2016,Creditreformratinghasassessedatotalof24sovereignentities:the19eurozonemembersplustheUSA,
China,Sweden,denmarkandPoland.Theratingswerewellreceivedbythenationalauthorities,althoughsubsequent
responsesdiffered.Somefinanceministriesmerelycon-firmedreceiptoftheratingreport,otherscontacted
Creditreform rating with requests to exchangeexpertise.
In delivering sovereign ratings, Creditreformratinghasentered thedomainof the threemajorNorthAmericanratingagencies,thuscontributingtoagreaterdiversityofopinion.
Buttherearemorenewratingactivitiesunderdevelopment.In2017,Creditreformratingalsoplans
totakeupcoveredbondrating.
CredITreForMANNUALrePorT2016 /2017
CReDitReFoRM RatiNg with New liNe oF BuSiNeSS: SoveReigN RatiNgS
C R e D i t R e F o R M R a t i N g
"Sovielistsicher”("Thismuchiscertain")–isthenewBoni-versumclaimfeaturedonitsrevampedwebsitesincetheendof2016.whatisdefinitelyalsocertainisBoniversum‘songoingpositivebusinessdevelopment.Thestrongandstableupwardtrendevidentin2015hascontinued–andtheoutlookremainsbright.
ConsumerenthusiasminGermanybroughtBoniversumaverysuccessful year in 2016. The big online discounts offered inNovemberon"BlackFriday"and"CyberMonday"mass-mobi-lisedshoppersandproducedthebusiestandbestsalesmonthinBoniversumhistory.Buttheothermonthsoftheyearwerealsoverysatisfactory.Thenumberofinquiriesreceivedin2016increasedby16%againsttheprioryear.Thecompany’sgrowthcontinues to be driven by its e-commerce competence.Inquiriesheregrewmoresharplythantheecommercemarketitself.Thestrategicrealignmentofsalesactivitiestowardssolutionsaleswithasectoralfocushasalsostartedachievingsuccesses.
energysuppliers,banks,fintechcompaniesandinsurersweredefined as strategic targets for more growth. 2016 alreadyproducedmany new clients in the energy sector.And sinceconsumersare increasinglywilling toswitchbetweenenergysuppliers,themarketpotentialforthefutureissubstantial.
2016sawsignificantinvestmentinnewtechnologiesandpro-ducts.Alongsidetheonwarddevelopmentofscoringproducts,theextensionoftheanti-fraudIdproductlineprovedhighlypopular. In2017,Boniversumwill unveilmorenewproductsdesignedtomeetsector-specificmarketrequirements.
Further development and stabilisation measures for oldersystems also proceeded on schedule. The adjustments andimprovementsmadebySeptember2016guaranteedtheper-formancerequiredforChristmasbusiness–agoodandsoundbasisfortheredevelopmentandreplacementofthecompany‘sbusinessinformationagencysoftware,whichBoniversumwillstartin2017.
Modern, transparent and dependable – three qualities thatsum up Boniversum and which need to be communicatedexternallythroughitsmarketpresence.Thecompanywebsitehasbeencompletelyredesigned–technically,conceptuallyandvisually. Clear and modern with a high recall value and anoptimiseduser-friendlyinterface,itnowfocusesmoresharplyontheindividualbusinesssectors.Thevisitorreceivesextensiveinformation on companies, products and the end-to-endintegratedsolutionsportfolio thatBoniversumoffers incon-junctionwiththeothermembersoftheCreditreformGroup.All other business and marketing materials have also been
modernisedandconcep-tually optimised, so thatBoniversumstarted2017with a fresh and up-to-datelook.
HighontheBoniversumagenda is the desire topromoteamorepositivepublicperceptionofcredit-worthiness.Sotheweb-site now features a sec-tionspecificallydesignedforconsumers:Bonipedia.In it, private individualsfind easy-to-understandinformation on credit-worthiness, scoring anddataprotection.Thecon-tentwillbecontinuouslydevelopedandenhanced.Inaddition,accesstoself-appraisalshasbeenmadeeasier,andthanks to cooperation with fintech companies, importantgroundworkhasbeenlaidfordigitisingprocesses.
Initsstudiesandpublications,Boniversumwillinfutureplacegreaterattentiononmattersofpublicinterest.ThepublicationSchuldnerKlima-Index (debtor Climate Index) was discon-tinued after the winter 2016 issue. Instead, Boniversum willfocusonconsumersurveysontopicalissuesthataffectsociety,businessandpoliticsandarerelevantforthesectorsinwhichBoniversumclientsoperate.Theintentionistogenerateevenmorepositivemediainterestandcreatenewscopeforsales.
outlook:Allsignspointtogrowth.Furtherproductsareinthepipeline and the modernisation of IT systems will make itpossibleforthecompanytogetnewproductstomarketfaster.
BoNiveRSuM StayS oN the FaSt tRaCk
CredITreForMANNUALrePorT2016 /2017 9
C R e D i t R e F o R M B o N i v e R S u M
Creditreform stands for business information, receivablesmanagement,marketingservices,andsystemsandconsulting.129independentbusinessofficesinGermany,organisedintheumbrella association Verband der Vereine Creditreform e.V.,servearound126,000membercompaniesofallsizesandfromallbusinesssectors.
Thespectrumonofferrangesfromthecreditworthiness-basedselectionandtargetingofnewcustomersandtheprovisionofcredit-standingdataonbusinessenterprisesandprivateindivi-dualsthroughtocompletesystemplatformsforcompany-inter-nal risk management and sophisticated receivables manage-menttools.eachsingleservice,appliedattheappropriatepointinthecustomerrelationschain,isaimedatpreventingpaymentdefaultsorminimisingtheirimpact.
Theextensiverangeprovidedinthefieldofbusinessinforma-tioncomprisesproductstoappraisethecredit-standingoffirmsorconsumers,andproductsofferingdataonbusinesscompa-nieswithoutacredit-statusassessment.Thebusinesscompany
credit-appraisal portfolio includes solutions to assist in creditdecisionsinthemediumandhigh-riskarea,andalsocommercialreport formatswhich facilitate swift creditworthiness assess-mentsinthelow-risksector.Thentherearealsobalance-sheetanalyseswithvariousdepthsofevaluation.Inthesphereofreceivablesmanagement,Creditreformoffersafullserviceforrecoveringoutstandingmoneys:fromhandlingcommercialdunningandaccompanyingjudicialdefaultsummonsproceedings through to the long-term monitoring of titledreceivables. In addition, there are specialised offers such asbuying-inreceivableswithintheframeworkoffactoringandthepurchaseofdistresseddebts.
Inthefieldofmarketingservices,Creditreformprovidessolu-tions forupdatingexistingstocksofaddressesandappraisingthesewithregardtothedefaultrisk.Anotheroptiononofferisthecreditworthiness-basedselectingandtargetingofpotentialnewcustomers.
CReDitReFoRM: PRoFeSSioNal PaRtNeR FoR SeCuRe BuSiNeSS woRlDwiDe
i M P R i N t
10 CredITreForMANNUALrePorT2016 /2017
Joint Board::
dipl.-Kfm.Christianwolfram,duisburg(President)
Ingolfdorff,Herford&Minden(Vice-President)
dipl.-Kfm.ThomasSchurk,Aschaffenburg(Vice-President)
MichaelBolte,oldenburg
StephanBrodmerkel,Koblenz
dipl.-Kfm.StefanLangenfeld,BadKreuznach
AttorneySebastianSchlegel,Kassel
Management verband der vereine Creditreform e. v.:
AttorneyVolkerUlbricht(SeniorManagingdirector)
dipl.-Inf.BerndBütow
dr.Hans-Jürgenwalbrück
VerbandderVereineCreditreforme.V.Hellersbergstr.12,41460NeussTelephone(02131)109–0Telefax(02131)109–[email protected]