Credit Safe Reviews - www.creditsafeuk.com

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Latest Reviews

★☆☆☆☆

“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

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★☆☆☆☆

“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

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★☆☆☆☆

“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

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★☆☆☆☆

“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

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★☆☆☆☆

“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

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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.

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★★☆☆☆

“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

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★★☆☆☆

“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

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★☆☆☆☆

“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.

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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

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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!

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★☆☆☆☆

“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?

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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.

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★☆☆☆☆

“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

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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

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★★☆☆☆

“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

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★★★★★

“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

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★★★★★

“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.

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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!

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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.

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★★★★★

“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.

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★☆☆☆☆

“Awful approach, dreadful company- DON'T PURCHASE FROM...”

Written on: 05/12/2011

Just been approached on the phone by credit safe UK just minutes after signing up to another site. Very pushy bloke on the phone, who decided the sound of his own voice was better than listening to what I, A POTENTIAL CUSTOMER, might have to say. Argued with me on the phone about how we were targetting customers, then when told him we weren't interested - hung up! Cheeky sod and totally rubbish at his job. DO NOT GO WITH THIS COMPANY - THEY WILL NOT TREAT YOU WELL!… Read Full Review

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★★★☆☆

“Experienced and professional review”

Written on: 28/06/2011

I previoulsy used risk disk and switched to credit safe two years ago. The reason for my change in provider - I was promised an in depth report by risk disk and excellent value for money. I was yet to find that on every report the event history tab had no information and the ccj's only went back as far as 2 years. As a business man that has been successful for 18 years i must admit that credit repots are not a 'need' in my area of profession, however, since changing to creditsafe my cash… Read Full Review

Guest's Comment

Written on: 05/07/2011

Hi,

I work for Riskdisk and I can confirm that our reports are in depth and they are great value for money, we have made many product developments in the last two years since this reviewer moved to Creditsafe.

The Event History tab is a log of changes that have happened to a company while you have been monitoring them, a feature which is not available on Creditsafe. If you are not monitoring the company that you are viewing or no changes have happened since you added them to your monitoring then this tab will be blank. We also send out email alerts three times a day and we welcome speed comparisons with any other provider.

We do have a separate tab called 'filing history' which will tell you about new documents filed at Companies House. Different providers do have different terminologies for some of their features and some do call their 'filing history' the 'events' tab.

We offer full customer support for free and we are contactable by phone, email and live chat (instant messenger) to answer any queries.

To see how we compare against your current provider please visit www.riskdisk.com and fill in the 'free live report' form on the home page or give us a call on 01623 869999.

Regards

Riskdisk Ltd

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Guest's Comment

Written on: 13/07/2011

My firm has been using Creditsafe for a number of years and to be honest, we are more than satisfied with the complete service that they provide.
I am the contact here and have a really great working relationship with Michelle Regan-Hughes, who is our account manager there.
We have shopped around and the others cannot compete with the friendly service and commitment to "keep the customer satisfied"
I have read some other comments stating that another particular company are much better, but from my dealings with this other company, I strongly disagree. I found them pushy and have sometimes received more than one cold call in a week attempting to get our business. Due to pressure on one of my colleagues, we did go with them for just one year and were hit with quite a number of hidden extras, as well as a lower standard of report than we are used to. We were very pleased when the year ended and that we had decided to keep our arrangement going with Creditsafe at the same time.
With Creditsafe I find that I can call Michelle and discuss any exceptional needs that our forensic accounting team have asked for and we can always come to a really good package to encompass whatever it is.
They always have members of their friendly team able and willing to help to train and assist any of our staff, so that we can get the best advantages from the packages that we have with them.
I am more than happy to give a positive reference to anyone who wants to know how good the Creditsafe product is and also how friendly and helpful their team have been to us.

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★★★★★

“Creditsafe win in the Customer Service department for me!”

Written on: 23/06/2011

There are a large number of websites offering the service which Creditsafe provides and I have used a number of them but I feel Creditsafe provides a great level of customer service. You get your own account manager (Mine is Michelle Regan-Hughes who is friendly and helpful). Whether I contact her via email or phone she is always quick to assist with my questions and queries and in a world where good Customer Service is deteriorating this is important for me. It helps to know I have someone… Read Full Review

Guest's Comment

Written on: 23/06/2011

How long have you worked at Creditsafe?

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★☆☆☆☆

“Bad service, bad pestering techniques, and even worse...”

Written on: 11/03/2011

Bad service, bad pestering techniques, and even worse still, they have their staff leaving obvious 5 star reviews on here, who (it's plain to see) have awful grammar skills.
They are a little excitable, and throw a six every sentence. So it's hard to follow: "You can have unlimited company searches and 200 free individual services a year all for only £125" turns out under cross-examination to mean £125 a month!

This has since dropped inexplicably to £800 per year, but some of the Googled… Read Full Review

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★★★★★

“Hi all, ”

Written on: 24/02/2011

Hi all,

i have read many of the reviews and i find a lot of them absurd. this company have 30,000 customers supply the likes of sage, tesco, all major blue chips. if you have looked around you will know for a fact their information and products go a lot more in depth than the likes of d & b and experian who between them have 170 years tradig history. i have been with creditsafe for 6 years and have no problems i am more than happy with the data, i have gone from 10-15k bad debt anually, for… Read Full Review

Guest's Comment

Written on: 03/06/2011

How long have you worked at Creditsafe?

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★★☆☆☆

“Very interesting reading this. We are due to renew...”

Written on: 04/01/2011

Very interesting reading this. We are due to renew this month with them, or find an alternative provider. Most unimpressed with their pressure tactics, the sign now at lower price and so on. Originally they tried for 20% increase on previous price but very quickly dropped it again when challenged. Then they send through the renewal terms at a higher price than quoted. "Typing error" apparently - although the cynical side of me says maybe not.

I also have a very healthy disrespect for… Read Full Review

Guest's Comment

Written on: 20/06/2011

As a former employee I totally agree with what you are saying but hang on till the end of the month - last day and you will get it half price again but make sureea your not tied in with the auto renewal

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