SMEs using CreditPal can choose to submit their summarised management accounts to Graydon, a leading credit referencing agency. In return, they will receive an up-to-date credit recommendation based on their business's current trading position not its out of date annual accounts.

“Basing lending decisions on the most accurate, up-to-date financial information available has become critical for companies in all industry sectors during the economic downturn. Credit professionals are facing immense pressure to price default risks accurately as businesses demand the best possible commercial terms. The enhanced credit information report will help them satisfy this demand by providing the insight and information they need to ensure all risks are priced appropriately.

"Our partnership with Future Route through the CreditPal service, means the content of these new reports is submitted through choice by the SMEs themselves. It also means report information can be depended upon by credit professionals as having been fully validated and authenticated before being presented to them.”

Martin Williams, Managing Director, Graydon UK

"As a leading trade credit insurer, getting clear, regular, up-to-date financial information from businesses can make the difference between us being able to offer trade credit insurance cover or having to withdraw it. In the current economic climate, it is becoming increasingly important for businesses to be able to provide a real time snapshot of their management accounts, particularly if they are trading in a volatile sector.

"We welcome CreditPal, which addresses some of the issues faced by businesses trying to do the right thing but with little time or adequate resource. CreditPal makes it easier for SMEs to pro-actively communicate their real trading conditions through the submission of their management accounts which can in turn improve their chances of obtaining better financial terms and trade credit insurance. Atradius is pleased to support the Graydon CreditPal initiative by announcing their endorsement of the Graydon Management Accounts report as justification of insured discretionary limits.”

Marc Henstridge, Head of Risk for the UK and Ireland at Atradius

“The low point of the recession was reached in the UK last spring. The sales of many companies should improve in the coming months, meaning that their real financial situation should be better than those reflected in their last filed accounts.

In this context, being able to show risk underwriters management accounts directly extracted from their ledgers, fully updated and credible, would undoubtedly assist their position when in dialogue with them.”

Xavier Denecker Managing Director, Coface UK and Ireland

“Credit professionals have long demanded validated monthly management account information as a tool for pricing and managing risk. The availability of comprehensive information is vital to restoring confidence in assessing the financial risk of incorporated and unincorporated businesses.

These reports, powered by CreditPal, are an exciting and innovative tool that will enable credit professionals to make better decisions.”

Philip King, Director General, Institute of Credit Managers