What is a Company Profile and Why It Is Important?
What is a Company Profile Report?
When business owners need to conduct background checks on their customers and business partners, they use business information reports. The business information reports come in the form of a Company Profile Report, Business Profile Report, and Credit Report. Even though these terms are used interchangeably, they might differ in essence.
What are the differences between Company Profile Report and Credit Report?
Company Profile Report or Business Profile Report provides a snapshot of key elements associated with a business’ identity. The essential elements include business registration details such as legal name and business registration number, legal address, registration status, activity status, legal form, company’s ownership, official representatives, principal activities, and other industrial classification codes. The non-essential elements contain information on business activities and financial statements.
The Credit Report has both business registration data and credit information. The credit information includes business credit scores, risk assessments, debt-related activities, and the company’s legal proceedings. The Credit Report may also have information on the company’s structure, management, assets, business and trading information, payment and collection history, litigations, financial reports, and other indicators.
Whether you choose Business Profile Report or Credit Report, the report structure will vary according to the service provider and country. Here is a quick comparison of the Credit Report and Company Report.
|Particulars||Credit Report (Coface)||Company Report (Other Service Provider)|
|1. Company Profile|
|Company registration details and registered changes|
|2. Company Background|
|Annual filings confirmation, audit, and charges|
|Company structure and relationships|
|Former Company details|
|3. Company Business Profile|
|Business and Trading Operations|
|4. Company Credit Information|
|Credit score and credit information|
|5. Company Financial Data|
Why do Business Information Reports matter?
The Company Profile Report focuses on the verification of the business entity. Companies choose Business Reports to onboard new customers, verify shareholders, reduce fraud, and meet internal compliance standards.
The Credit Report shows the company’s financial health and credibility. Credit Reports help businesses assess risks, make lending decisions and build trusted customer relationships.
With more than 75 years of experience in trade credit insurance, Coface experts have been monitoring and reassessing business risks for more than 200 million companies worldwide.
We help our clients understand potential risks and promising opportunities for their business with Coface Reports. Learn more about Coface Snapshot Report, an immediate short Business report, or Full Report, a comprehensive in-depth product designed for your credit risk management.
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