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After, the Great Recession of 2008, commercial bankruptcies peaked in 2009 and did not drop below pre-recession levels until 2012. Clearly, the level of Business CreditRisk is going to remain elevated as we move through 2024, bringing with it the potential for corresponding increases in bad debt and delinquency.
Readers of Your Virtual CreditManager can now access sharply discounted business credit reports from D&B, Experian, or Equifax through our partner aaccredit. Learn More About Credit Reports 5. This is another reason to re-evaluate the creditrisks lurking in your AR portfolio.
In such an ideal scenario, every customer would have both the ability and the integrity to pay their bills in full and on time, eliminating any need for a creditmanagement. And as global economic integration deepens, so does the complexity and scale of these risks. Do you need help assessing customer creditrisks?
After the 2008 recession, businesses began to rely less on traditional credit lines and more on factoring and accounts receivables. Experts believe this trend will continue to grow as more and more businesses forgo credit lines and factor accounts receivable.
JSP CreditManagement currently allows clients to instruct us on an overdue debt via an automated web form available on our website, but what it is seemingly missing currently is a possibility that allows our future clients to tell us if the case they are instructing us on involves a vulnerable customer. We will get that changed!
Governments and companies worldwide borrowed a record $25 trillion in 2024, up $10 trillion from pre-COVID levels and nearly triple the amount borrowed before the 2008 financial crisis, as reported by Bill Hinchberger in Global Finance magazine ( OECD: A World Awash In Debt ). Act Now Before It’s Too Late.
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