FAQ
Who is Veri-Credit?
Veri-Credit is a nationwide Trade Sector bureau credit reporting agency whose members anonymously exchange DBT (Days Beyond Terms) payment performance information on the compliance of credit terms by their customers.
What does Veri-Credit do?
Veri-Credit is specifically aimed at improving management of Accounts Receivable, by significantly increasing your cash flow by reducing your Days Beyond Terms [DBT] whilst retaining customer loyalty.
How does Veri-Credit increase a company’s cash flow?
Four-fold: First by our Veri-Credit Stamp which stimulates compliance of credit terms. Secondly, by the Prompt Payment Chaser requesting immediate payment, and by our low-cost Debt Recovery service which leverages payment against credit bureau listing. Finally, by utilising our TradeSure Escrow Transaction Service which guarantees immediate payment and delivery.
How do I become a Veri-Credit member?
Click on the “Register” link at the top of this page.
Is Veri-Credit Trade Sector Bureau a Credit Bureau?
Yes. It is comparable to the Credit Reference Bureaus operating for the Financial Sector.
Is the debt recovery fee of 3% payable even if you don’t collect?
No. Our low recovery commission is only payable when you get paid!
I own many companies; do I get a discount?
Unfortunately for legal reasons, each company must become a Veri-Credit member in their own right.
How can Veri-Credit charge much lower collection commission rates than other debt collection companies?
Veri-Credit’s Debt Recovery is fully automated and other collection agencies do not have access to a Trade Sector Bureau with which to leverage debt repayments.
Does my customer know I have used its Days Beyond Terms (D.B.T) to warn other members?
No. D.B.T listings are averaged and therefore anonymous.
How do I access Trade Sector Bureau data?
Trade Sector Bureau data is accessed through each member’s own secure, online and confidential password protected portal.
Why is it necessary to share trade information?
Participation in the confidential exchange of credit information provides Veri-Credit Trade Sector Bureau members with unique access to verifiable credit payment performance experiences for evaluating credit risks and thereby minimising collection problems and significantly improving cash flow through a reduction in D.B.T.
Do trade credit customers have access to their D.B.T. records?
Yes, trade credit customers may view their averaged D.B.T data held by the Veri-Credit Trade Sector Bureau. How a company pays its vendors is a good predictor of how a supplier will be paid if it agrees to sell on credit.
Can trade credit customers challenge the information held by the Trade Sector Bureau?
Yes, trade credit customers are permitted to write a 100-word statement contesting their D.B.T. record.
Is Veri-Credit licensed by the Central Bank?
No. However, the Veri-Credit Management Team responsible for pioneering credit reference bureaus across the African continent has designed the Veri-Credit Trade Sector Bureau to the same policies and procedures as the Financial Sector Credit Reference Bureaus.
Does Veri-Credit comply with any Privacy Laws?
Yes, Veri-Credit Trade Sector Bureau ensures that it follows the prescribed legal framework as touching on privacy laws in protecting its members.
What information is not in a credit report?
Veri-Credit does not collect information about race, religious preference, medical history, personal lifestyle, political preference, criminal records or any other information unrelated to corporate information and payment performance.
How do I transmit my file to Veri-Credit?
We can accept data files via email, FTP, and through our website. We prefer website upload as it allows greater security.
TradeSure
Prompt Payment Chaser (PPC)
Veri-Credit Stamp
Veri-Cheque
Business Reports
Credit Management Audits
Auto Alert
Free Advice Line
Brig. Gen. Wilson Boinett
Stephen Mills
Kiprono Kittony
Prompt Payment Chaser
In a highly competitive environment, Veri-Credit’s priority is to expedite the payment of invoices without damaging customer loyalty. Our unique secure, online oftware systems, combined with a professional approach to credit management procedures, help maintain a positive trading relationship with credit customers while significantly decreasing their D.B.T. (Days Beyond Terms).