09 Apr, 2020, 19:19 ET
ALLENTOWN, Pa., April 9, 2020 /PRNewswire/ -- Knowing that business uncertainty is at unprecedented levels, Creditsafe USA challenged its expert team of data scientists to provide assistance to businesses understandably concerned and uneasy. By analyzing over 40 Million US companies, Creditsafe created the COVID-19 Impact Score which is designed to help businesses identify risk areas within their customer and supply chain portfolios. To maximize the benefit of the initiative, they have made this resource available for free to every U.S. business.
The Impact Score was developed using a combination of macro and micro economic indicators, federal, state, and local data, combined with real-time payment and other information. The Creditsafe Covid-19 Impact Score grades the likely disruption to any business on a simple scale ranging from A – very low risk of disruption through to E – very high risk of catastrophic disruption. Creditsafe's analysis of the nation shows that almost 30% of U.S. companies are likely to face considerable disruption within the next 90 days.
The Impact Score differs from Creditsafe's core risk score, which predicts the likelihood of bankruptcy or severe delinquency in the next 12 months and should be used as an additional guidance indicator in these difficult times.
"Credit managers and other financial professionals can use this data to identify risk areas within their portfolios quickly," said Matthew Debbage, CEO of Creditsafe USA. "To give just one interesting example, it's well known that airlines are struggling right now however, our analysis is showing that charter flights are in high demand and are not likely to be nearly as impacted."
Debbage was also quick to emphasize how the Creditsafe Covid-19 Impact Score should be used by businesses. "It's Imperative to recognize that this score should be used alongside our existing core risk score as a supplementary tool," he explained. "Although we are in unique times, they do not overwrite the fundamentals of business and our experience through previous crises shows that our underlying prediction model remains a solid foundation for making business decisions. We have very deliberately not made any rash moves to rewrite our core score and are thereby continuing to support those strong companies that will be helping to rebuild our economy when this is all over, while also providing a valuable guide as to the virus's potential effect."
You can learn more about the COVID-19 Impact Score or request a Portfolio Health Review through the Stay Safe Program at: https://www.creditsafe.com/stay-safe
About Creditsafe USA
Creditsafe is the world's most-used supplier of company credit reports. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high-quality data in an easy to use format that everyone in an organization can benefit from. Founded in Norway in 1997, Creditsafe has offices in countries all over the world including the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands, Japan and the United States. Globally, The Creditsafe Group employs approximately 1,300 people and has more than 100,000 subscription customers. In 2013, The Creditsafe Group opened offices in the U.S. under the name Creditsafe USA, Inc. Its U.S. operations are headquartered in Allentown, PA with nearly 10,000 companies in the U.S. subscribing to its services, ranging from small businesses to large, global companies like Staples, Ryder, and Nestle.
Creditsafe's global database is one of the most rapidly expanding in the industry and also one of the most comprehensive. Each day over 500,000 users around the world leverage the company's database to gather strategic, insightful business information. Creditsafe's database is updated over a million times a day with information gathered from thousands of sources. In 99.9% of the cases, reports requested by customers are delivered instantly. Over forty percent of Creditsafe's customers leverage the company's internationally reporting capabilities.
Share this article