Credit Safe Reviews - www.creditsafeuk.com

★★☆☆☆
2.2 / 5
30% of users recommend this
  • Value For Money

? Ask our helpful community of experts about this product or company
Credit Safe www.creditsafeuk.com - Ask a question now

Media Gallery for Credit Safe www.creditsafeuk.com

Credit Safe www.creditsafeuk.com

Refine your search

Use the tools below to refine your search by only displaying reviews with a certain number of star ratings or to only show reviews from a certain time period. Eg click on '1 star' to just display the reviews we have which received a 1 star rating click or 'Within the last month' to display just reviews posted over the last month.

Latest Reviews

★☆☆☆☆

“ CAN NOT TRUST INFORMATION”

Written on: 21/12/2014 by Elliott468 (1 review written)

CAN NOT TRUST INFORMATION I have been a customer of creditsafe for 5 years, I started my company in 2007 so to start with I expected low score but soon reached 51% which I was happy with, last year they started using new algorithm and I dropped to 30 my Advised contract limit was £1500 and credit limit £500 , I did ask customer services why but they came back with a BS explanation. this year my credit score has dropped to 20 Contract Value of £1000 Credit Limit cash transactions Only!! My… Read Full Review

Report this review
★★☆☆☆

“Inaccurate Payment Data”

Written on: 24/10/2014

Our creditsafe rating has recently plummeted since they started including payment history in their algorithms. My main problem is that the payment history they associate with us is just not one I recognize, with hundreds of invoices allegedly being paid 61+ days beyond terms which simply isn't the case. Where are they getting this information from? It seems they won't tell me which makes any right of reply virtually impossible. Our renewal comes up soon and I'm doubtful we'll stick with them… Read Full Review

Report this review
★☆☆☆☆

“VERY Inaccurate Information”

Written on: 23/10/2014 by Hartley121 (1 review written)

I just got a sales call from this company. In an effort to get me to see how terrific their system is, the salesperson instructed me to do a search on their website of one of our "good" paying customers. I knew right away that was a poor idea, because the way a customer pays us may not be the way they pay other vendors. The ONLY company I could review with 100% accuracy is our own company (because I am the Controller and know when all bills are paid). The information on Creditsafe was wrong… Read Full Review

Report this review
★☆☆☆☆

“Strange new credit rating system”

Written on: 24/09/2014

My company has just had its rating reduced from Excellent to High Risk. What has happened? Has the UK Government fallen? Third World War? Well at least a major disaster in the markets?? No. Credit Safe have "improved" their rating system. Simultaneously our bank is offering us a £1m+ mortgage and additional facilities. Something wrong? Yes the new rating system is naïve at best, dangerous at worst. Please don't trust it folks. Fortunately other agencies give us a good rating. By the… Read Full Review

Report this review
★★★★★

“Great reporting, Great price”

Written on: 24/09/2014

We have been using Credit Safe for around 9 months, now. We use it to review future customer credit and to approve credit limits. We also use two other companies in the US. We have found that Credit Safe is just as reliable as the other companies we use and for much lesser price. Would very much recommend this to another company to use for credit purposes… Read Full Review

Report this review
★☆☆☆☆

“Ridiculous New System”

Written on: 18/09/2014 by 301Quinlan (1 review written)

Having had an extremely strong credit rating for years Credit Safe's 'new system' has basically written off our credit limit in a day. I would imagine there is a lot of angry businesses out there at present as when you complain they seem inundated with calls. Their system is flawed and not a true reflection of what the credit rating should be. Steer well clear and use Dunn & Bradstreet if you want a believable rating. I have used Credit Safe to check hundreds of people this year and they have… Read Full Review

Report this review
★☆☆☆☆

“Inaccurate and unhelpful”

Written on: 08/09/2014 by Mattwills1 (3 reviews written)

Creditsafe recently "tweaked their algorithms". Despite no change whatsoever in our extremely healthy business, we dropped by over 50%. I have phoned and emailed consistently to try and get some sense but get nowhere. The main point here is that Creditsafe scoring is pie in the sky. It means nothing. It cannot be trusted. It is not acceptable for companies’ scores to double or halve due to "tweaking". Several companies we have given high credit limits have drastically dropped in their… Read Full Review

Creditsafe's Response to Mattwills1's Review

Written on: 07/10/2014

We appreciate some of our customers have been impacted by the introduction of our enhanced ratings model and are keen to speak to a customer services. We will make every endeavour to respond to enquiries and answer any questions directly with customers. Alternatively, customers can contact their nominated account manager.

While we appreciate customers will have questions about the new model, the results have been beneficial overall for businesses. Analysis of the companies Creditsafe classifies as small reveals almost half a million more businesses have been placed into the lowest risk banding and cumulative credit trade limits for this market have been extended by £22 billion.

With regard to trade data and the way it is inputted into the model, suppliers of trade payment data provide details of the payment terms they have agreed This ensures late payments are recorded accurately as per the terms of an individual company's contractual terms and conditions. There is no uniform timescale for payments built into our system. Payment experience data is only integrated as a variable into the ratings algorithm when multiple payment experiences are available.

Reply to this comment

Mattwills1's reply to Creditsafe's Comment

Written on: 08/10/2014

It is a pity that Creditsafe can be bothered to post an online response when they cannot be bothered to reply to a customer directly. After my initial phone call to Creditsafe I have waited over 3 weeks for a response to my official complaint. I have followed their official complaint procedure but nothing.
I have been informed during my only conversation with Creditsafe that the reason for the algorithm tweaking was because they had not carried out an annual update since 2008!
In my opinion this makes the product I purchased inaccurate, certainly not as advertised / sold and definitely not fit for purpose.
I have requested a full credit for the previous 2 years based on the above but again ..........no correspondence from Creditsafe.
I have been informed (but not personally checked) that unlike their main competitors, Creditsafe are not even regulated by the FSA (despite the fact they like to quote them in their marketing), so am not hopeful that I will ever get anywhere with my complaint.......

Interestingly, my company credit scores with Equifax and Risk Disk have both increased and show very similar information which is actually an accurate overview. Both companies are regulated by the FSA and have no history of drastic Credit score changes due to algorithm tweaking and radical changes to their model. This makes them RELIABLE.

Reply to this comment
Report this review Read 2 Comments
★☆☆☆☆

“Out of Control”

Written on: 08/09/2014

Since the change in ratings came in to affect Creditsafe seem to be out of control, out credit rating went up when we published our accounts in July then went down by 50% in the review with no changes to our company in that time, also the payment information is completely inaccurate. They show that our payments are getting worse with several invoices over 91 days outstanding, but we have nobody over 30 days unless they are on standing order or direct debit like rates and insurance etc. I also… Read Full Review

Jbacc's Comment

Written on: 24/09/2014

I have had exactly the same issue. I am a one woman band. According to the payment data I pay on average 6 days late and have one invoice that is more than 90 days overdue! It's complete rubbish - all my major suppliers are on direct debit and everything else gets paid for at the point of sale or (very occasionally) by bank transfer on receipt of the invoice. I too have called and emailed just to be told they are satisfied the information is correct but cannot reveal the source of their information due to data protection act. How can they possibly have verified the information is correct and yet they publish it and credit score on the basis of it!

Reply to this comment
Report this review Read 1 Comment
★☆☆☆☆

“idiotic company”

Written on: 07/09/2014 by LiliaHenderson1979 (1 review written)

My business has a t/o of 2.5 million ... And half a million CASH on the bal sheet. Yet we have a rating of 12 ??!! Yeah. Great algorithm. Will be praying this company goes to the wall every night. … Read Full Review

Report this review
★☆☆☆☆

“A VERY DANGEROUS AND INCORRECT CHANGE”

Written on: 06/09/2014 by Colinefhunt (1 review written)

On 24 August 2014 Creditsafe overnight changed the way they credit score companies. The net result was many companies with excellent credit scores and ratings were given dreadful credit scores with cash only recommendations. All the other Credit rating companies continue to report the same positive information. Creditsafe will only say they are right and the others like Dunn and Bradstreet, Experian, Graydon and Equifax are ALL wrong. What rubbish. What Creditsafe can not then explain is… Read Full Review

Report this review
★☆☆☆☆

“Credit Shambles”

Written on: 05/09/2014 by Evangelineo1977 (1 review written)

Since Credit Safe changed their ratings system on August 23rd 2014. This has been a disaster. Previously highly regarded companies with good credit worthiness including our own are now classed as cash transactions only. On the other hand, known bad paying and struggling companies have had their rating improved. This could cause significant problems in the real world of trade credit. It seems they are relying on all sorts of trivial information and not the audited facts. This misrepresentation… Read Full Review

Creditsafe's Comment

Written on: 08/09/2014

Hi,

As a result of implementing our enhanced ratings model in late August 2014, Creditsafe recognises that a number of customers have witnessed changes in their own and trading partners’ credit ratings and proposed trade credit limits.

These changes have seen Creditsafe recommend increases in total aggregate trade limits across all categories of company, from small to medium sized enterprises (SMEs) through to major multi-national corporations. Analysis of the companies we classify as small reveals almost half a million more businesses have been placed into the lowest risk banding and we are have extended cumulative credit trade limits for this market by £22 billion. This is a direct result of Creditsafe implementing its new algorithm, which incorporates an advanced data set incorporating more comprehensive metrics than ever before.

We recognise that a minority of companies will have experienced a shift in their own ratings and indicative trade credit limit. While for many organisations the enhanced ratings model has provided even greater visibility of their creditworthiness, a minority of companies will have seen a decline in their rating and proposed trade credit limits. We recognise owners and operators of these firms will of course be disappointed with the changes.

Our enhanced ratings model encompasses more than 88 million trade payment experiences, which feed into the overall algorithm to establish a business’ financial health and propensity to enter insolvency in the next 12 months. Trade data experiences are sourced from suppliers’ ledger systems and fed into our system directly from a client’s accounting software. The data is processed utilising comparable security links to those employed by the banking industry. Payment experience data is only integrated as a variable into the ratings algorithm when multiple payment experiences are available. This ensures there is no opportunity for an enterprise to manipulate, or ‘game’, the system to negatively impact any other company’s rating.

If you contact Melanie Price they can discuss and clarify the factors that have contributed to your individual rating. Due to the nature of the industry in which we operate, there will inevitably be occasions where there is a divergence of opinion with the operators of the companies we rate regarding the health of their enterprise. Our ratings and suggested credit limits, as with all providers of these business intelligence solutions, are indicative guides based on the available information. They are designed to help companies make informed business decisions and our customers find this information invaluable for the operation of their organisations.

Kind regards,

Creditsafe

Reply to this comment

Plainenglishman's Comment

Written on: 10/09/2014

Credit Safe.

Thank you for your response. It is a shame though that you refused to address peoples serious concerns about new ratings when they repeatedly tried to contact you directly.
Merely repeating that you have changed your system to a completely unsatisfactory one is unhelpful. It seems there is widespread discontent with your new risk assessment model and perhaps you should consider rethinking it.
To many companies Credit Safe are no longer a trustworthy or relevant source when considering trade risk.
We have completely lost confidence in them and have already changed to another supplier, despite the fact we have 10 months to run on our current contract, having been refused a refund.
It will be interesting to see just how many people renew their membership with Credit Safe. This maybe the point at which they consider that they are possibly wrong. We shall see.

Reply to this comment
Report this review Read 2 Comments
★★☆☆☆

“inaccurate reports”

Written on: 03/09/2014 by DakotaKirk (1 review written)

Creditsafe have recently changed the algorithm used to evaluate businesses. This new mmethod is inaccurate and damaging to businesses. Our business was rated as good with a 70% and 24k limit on 23 August,they changed there algorithm on 24th August and we are suddenly cash transactions preferred.There has been no changes or events that would alter our status adversely and our business is extremely solvent However we have been inundated with calls from our suppliers today who have been alerted… Read Full Review

Creditsafe's Comment

Written on: 08/09/2014

Hi,

As a result of implementing our enhanced ratings model in late August 2014, Creditsafe recognises that a number of customers have witnessed changes in their own and trading partners’ credit ratings and proposed trade credit limits.

These changes have seen Creditsafe recommend increases in total aggregate trade limits across all categories of company, from small to medium sized enterprises (SMEs) through to major multi-national corporations. Analysis of the companies we classify as small reveals almost half a million more businesses have been placed into the lowest risk banding and we are have extended cumulative credit trade limits for this market by £22 billion. This is a direct result of Creditsafe implementing its new algorithm, which incorporates an advanced data set incorporating more comprehensive metrics than ever before.

We recognise that a minority of companies will have experienced a shift in their own ratings and indicative trade credit limit. While for many organisations the enhanced ratings model has provided even greater visibility of their creditworthiness, a minority of companies will have seen a decline in their rating and proposed trade credit limits. We recognise owners and operators of these firms will of course be disappointed with the changes.

Our enhanced ratings model encompasses more than 88 million trade payment experiences, which feed into the overall algorithm to establish a business’ financial health and propensity to enter insolvency in the next 12 months. Trade data experiences are sourced from suppliers’ ledger systems and fed into our system directly from a client’s accounting software. The data is processed utilising comparable security links to those employed by the banking industry. Payment experience data is only integrated as a variable into the ratings algorithm when multiple payment experiences are available. This ensures there is no opportunity for an enterprise to manipulate, or ‘game’, the system to negatively impact any other company’s rating.

If you contact Melanie Price they can discuss and clarify the factors that have contributed to your individual rating. Due to the nature of the industry in which we operate, there will inevitably be occasions where there is a divergence of opinion with the operators of the companies we rate regarding the health of their enterprise. Our ratings and suggested credit limits, as with all providers of these business intelligence solutions, are indicative guides based on the available information. They are designed to help companies make informed business decisions and our customers find this information invaluable for the operation of their organisations.

Kind regards,

Creditsafe

Reply to this comment
Report this review Read 1 Comment
★★☆☆☆

“Providers of unreliable information and poor...”

Written on: 01/09/2014 by AshleyG (1 review written)

We've used Creditsafe for some time without much problem and their ratings are usually quite accurate (although even this has recently worsened due to an update of theirs), however that can't be said for their Payment Information. They do not check the feedback that gets submitted through their system and therefore leave a door wide open for false payment feedback reports. When we've queried it they simply reply that they are satisfied with the information. When I asked them to elaborate they… Read Full Review

Report this review
★☆☆☆☆

“Credtisafe Issues and Problems”

Written on: 01/09/2014 by SimonPPD (1 review written)

Creditsafe have changed their way of rating businesses. Our SME (just under £5M) business has gone from a 65 rating to an 11; cash only rating. All other Credit Check companies have us as a Low Risk, Good Credit Company. I have made many calls to speak to a senior Director or even an senior manager but no one wants to speak to me. Tried to cancel as we simply don't trust the data from Creditsafe anymore but they are saying we have to see out the next 11 months of our contract! Something is very… Read Full Review

Ashleyg's Response to SimonPPD's Review

Written on: 01/09/2014

Completely agree with this comment. On top of having unreliable information they also have extremely poor customer service.

Reply to this comment

Creditsafe's Response to SimonPPD's Review

Written on: 08/09/2014

Hi,

As a result of implementing our enhanced ratings model in late August 2014, Creditsafe recognises that a number of customers have witnessed changes in their own and trading partners’ credit ratings and proposed trade credit limits.

These changes have seen Creditsafe recommend increases in total aggregate trade limits across all categories of company, from small to medium sized enterprises (SMEs) through to major multi-national corporations. Analysis of the companies we classify as small reveals almost half a million more businesses have been placed into the lowest risk banding and we are have extended cumulative credit trade limits for this market by £22 billion. This is a direct result of Creditsafe implementing its new algorithm, which incorporates an advanced data set incorporating more comprehensive metrics than ever before.

We recognise that a minority of companies will have experienced a shift in their own ratings and indicative trade credit limit. While for many organisations the enhanced ratings model has provided even greater visibility of their creditworthiness, a minority of companies will have seen a decline in their rating and proposed trade credit limits. We recognise owners and operators of these firms will of course be disappointed with the changes.

Our enhanced ratings model encompasses more than 88 million trade payment experiences, which feed into the overall algorithm to establish a business’ financial health and propensity to enter insolvency in the next 12 months. Trade data experiences are sourced from suppliers’ ledger systems and fed into our system directly from a client’s accounting software. The data is processed utilising comparable security links to those employed by the banking industry. Payment experience data is only integrated as a variable into the ratings algorithm when multiple payment experiences are available. This ensures there is no opportunity for an enterprise to manipulate, or ‘game’, the system to negatively impact any other company’s rating.

If you contact Melanie Price they can discuss and clarify the factors that have contributed to your individual rating. Due to the nature of the industry in which we operate, there will inevitably be occasions where there is a divergence of opinion with the operators of the companies we rate regarding the health of their enterprise. Our ratings and suggested credit limits, as with all providers of these business intelligence solutions, are indicative guides based on the available information. They are designed to help companies make informed business decisions and our customers find this information invaluable for the operation of their organisations.

Kind regards,

Creditsafe

Reply to this comment

Simonppd's reply to Creditsafe's Comment

Written on: 09/09/2014

Hi

I have been trying to establish a reason for a drop between late 60s rating down to mid teens. The staff have been rude and unhelpful. They believe that I am worried about my companies rating. They simple fail to understand that we do not trust the Crediotsafe Data anymore.

If they could have given a reasonable explanation for the extremities of the differences we may have reconsidered our position. But they simply spout the same diatribe about how much they have help improve he credit worthiness of so many companies and how their new data is so accurate. Does this mean that their old data was a nonsense?

We have asked for their cancellation procedure only to be informed that we cannot cancel! The analogy they use is that if we had purchased and used a jumper for 3 months then we could not take it back to the shop! Once again a travesty. We pointed out that you cannot compare a jumper from M&S to a 12 month service contract with only 12 weeks of the contract used. We are still waiting a decision on cancellation criteria!

Finally we asked Creditsafe to justify their rating against the other Credit Agencies. They explained that they were very disappointed with the repose of the other Agencies. They felt it was simply sour grapes and that the data those Agencies were supplying was inferior. That they were the biggest Credit Agency in their Sector (whatever that means) and that the other Agencies would have to follow their lead if they were to have any credibility within the industry; priceless!

All can say is users beware!

Reply to this comment
Report this review Read 3 Comments
★☆☆☆☆

“Inaccurate Rating System”

Written on: 28/08/2014

Since introducing their new credit scoring they have put solvent companies in to a CASH TRANSACTIONS ONLY category, which in turn is generating questions from suppliers and rumours that perfectly good companies are financially unsound and could fail. When questioned, they admitted that they have had many complaints but are too arrogant to admit that there maybe a problem and will not review their scoring system. For example, one particular industry that works on net monthly invoicing (payment… Read Full Review

Gld1967's Comment

Written on: 28/08/2014

Indeed our Company has been regraded to CASH TRANSACTIONS ONLY from a recommended Credit Limit of £100,000.

This on a Buisness which has been trading 75+ years and a Net Profit in 2013 in excess of £300K.

If i have no trust in their report of our Company, how can i trust their recommendations in respect of prosepctive Customers?

Reply to this comment

Shellycomments's Comment

Written on: 03/09/2014

This has happened to so many solvent businesses that I have contacted the BBC Economics Editor,the FCA and the financial ombudsman. We need to keep this forum going to bring it to the public's attention. It is economic terrorism.

Reply to this comment
Report this review Read 2 Comments
★☆☆☆☆

“failure to investigate inaccurate information ”

Written on: 01/07/2014 by fc2014 (1 review written)

we were a customer of creditsafe, and deciced to give them another chance after a 12 month break... we found someone was posting incorrect information about our company, after 7 emails ( as you cannot speak to anyone direct) to them trying to resolve they still failed to resolve the issue - claiming " we have fully investigated and are satisfied all is correct" the information being provided is not policed correctly and gives potentually incorrect commerically damagaing information for all… Read Full Review

Melanieprice's Response to fc2014's Review

Written on: 01/07/2014

Hi,
Creditsafe is the Worlds largest provider of data information so data integrity is extremely important to us, having read your comments it would appear that your grievance is related to payment experiences? The information we and our competitors show as part of payment information is provided by 3rd parties, this information cannot be manipulated and is coversed by Creditsafe’s confidentiality agreement.
Whilst we try and provide as much information as possible to all clients we are unable to manually amend any data or disclose the information source, you can however find more information of this along with our other services on our website.

Kind Regards
Melanie Price
Head Of Client Services - Creditsafe UK

Reply to this comment

Shellycomments's reply to Melanieprice's Comment

Written on: 03/09/2014

Hello,Head of Client Services,is it you that I am still waiting a call back from,since 11:30 yesterday. You know,the call I was promised in one hour. I hope you realise the damage that your company is currently doing to our economy. When your clientele is reduced due to your incompetence I hope you enjoy your redundancy because your company's antics gave just rendered it:s staff

Reply to this comment
Report this review Read 2 Comments
★★☆☆☆

“Unprofessional approach ”

Written on: 15/12/2013

I looked up this firm because I was contacted by Creditsafe to review their product. The only reason I gave them two stars is because the product looked promising, however the unprofessional and obnoxious sales pitch left me leery. They even pulled the old "I can only get my manager to approve this offer today and today only" pitch. C'mon...whoever is behind this marketing approach needs to understand they are selling a product to seasoned professionals and not selling used cars to naive… Read Full Review

Creditsafe's Comment

Written on: 17/12/2013

To Reviewer,

We apologise if you felt your engagement with a sales representative of Creditsafe did not meet your expectations. If you send your contact details to Jon Keneally via the link above we will ensure you are removed from our contact database.

We believe we offer a valuable service, offering affordable business intelligence services that help protect firms against the risk of late or defaulted payments, or trading with enterprises that are struggling to remain financially viable. The value of our proposition is reinforced by our status as the ‘most used’ business credit referencing provider in Europe.

We apologise if you felt your experience with the company on this occasion was dissatisfying and you like to discuss your grievance with you directly at your earliest possible convenience.

Kind regards,

Jon

Reply to this comment
Report this review Read 1 Comment
★★★★★

“Invaluable for keeping an eye on our customers”

Written on: 08/10/2013 by MarcusJames1972 (1 review written)

We have been using Creditsafe alongside another provider for almost 6 months now and over that time Creditsafe has proven to be reliable, up-to-date and easy to use. Needless to say we will no longer be continuing our contract with our other provider and Creditsafe will now be used across the entire business. As a Credit Control manager it is important that I am alerted to changes in our customers credit profile that may affect their rating or limit as soon as possible. Their email monitoring… Read Full Review

Report this review
★★★★★

“Excellent Service and fantastic staff”

Written on: 26/03/2013 by Simhar (1 review written)

We have used Creditsafe for many years, we have always been treated as their number one client and nothing has been to much trouble. If we have had a problem,they have just been a call away and have resovled any problems (not really problems just us needing a bit more training) quickly and efficiently. Their reports are as good as anyone elses and are at competitive rates, especially the fixed rate, you only pay once. I am constantly amazed how other credit agencies do not offer unlimited… Read Full Review

Davidjone2340's Response to Simhar's Review

Written on: 02/12/2013

This is not correct we have found that although Creditsafe say they have accesses to international information it is limited or non existent. The Standard when they can get a report is typically of poor quality and the speed of service is detrimentally slow to our businesses needs.

We have used many providers over the years and Creditsafe are by fare the worst out there. I would advice anyone to stay clear of them.

Reply to this comment

Simhar's reply to Davidjone2340's Comment

Written on: 03/12/2013

I reject your comments, especially as your grammer is terrible! Have you just posted this as a joke!

Reply to this comment

Shellycomments's reply to Simhar's Comment

Written on: 03/09/2014

Do you work for CreditSafe perchance. Hmmm, me thinks you do. Oh,and by the,way I have a degree in English,so no comments regarding my grammar please. Have a nice day,employee of the month.

Reply to this comment
Report this review Read 3 Comments
★★★★★

“Always been happy with Creditsafe”

Written on: 10/07/2012

Astounded at the poor reviews - we have been with Creditsafe for over four years and they have always been brilliant. The reports are always improving and the monitoring is a great product for us to keep a watch on our selected and new clients. Our Key Account manager is very helpful and although she does call me to recommend products and services I never fell like I am being hounded. The price is competitive and I am very happy with the service - great value for money… Read Full Review

Creditsafe's Comment

Written on: 29/08/2012

We would like to thank you for your kind and loyal support. At Creditsafe we are always developing new products and services so to hear your positive feedback is fantastic!

We're glad you're happy with the service and thank you for your continued custom.

Reply to this comment
Report this review Read 1 Comment
overview