Credit information, monitoring and insurance limits

Credit information on a debtor or a client is kept current by monitoring rather than by a new credit check every time something changes. This page explains what you see, what monitoring does on its own, what you do about it, and what a client needs before credit insurance limits work.

Where you see credit information

The Risk overview shows the credit rating, risk margin and credit limit from the credit data provider. You find it in the side panel of the Invoice Factoring board, at debtor and invoice level, and in the Risk Overview section of the system debtor page. See The Invoice Factoring View and The System Debtor View.

Two lines at the bottom tell you how current the data is:

• Credit score last updated is the date and time of the last credit check.
• *Monitoring Event: Previous value before and a date appears when monitoring has changed a value since that check. The changed value is shown, with the earlier value in parentheses and an asterisk after it.

On the Invoice Factoring board, the history button next to the Risk overview heading has the tooltip Credit monitoring when monitoring is on, and Credit monitoring off when it is not. It opens Credit monitoring history, with the Monitoring events and the Credit reports.

Which values you get depends on the provider agreement

The values the provider returns depend on the data level in your agreement with it. A value that is blank for a company was not part of what the provider returned, which is a question for your contract with the provider, not a fault in Quiddly. The same applies to the values you can use in rule engine criteria.

What monitoring changes on its own

A nightly job fetches the monitoring events of the monitored clients and debtors from the provider. Every event is kept in the monitoring history. What it does beyond that depends on the event.

Event	What happens
Every event	Kept in the monitoring history
Rating changed and Limit changed	The new rating or limit is shown in the Risk overview in place of the value from the last credit check
Every event type on the monitored list, rating and limit changes included	A to-do is created and financing is switched off, as described below

The to-do and the switch-off come from the nightly monitoring job for the Dun & Bradstreet integration. If events for a company reach the monitoring history without a to-do, contact Quiddly support.

The monitored list is fixed. It covers address changes, bankruptcy, restructuring and reconstruction events, board, chairman and management changes, scoring, rating and limit changes, business registry, industry code and name changes, and a company becoming inactive or deregistered. The direction of a change does not matter: a rating that goes up triggers the same as one that goes down. You cannot change the list per client or debtor.

When the event is on a debtor

• Allow financing is switched off on the system debtor. It is the setting in the Credit limit section of the system debtor page. A rule that includes the criterion System Debtor Financial Rule Financing Enabled then fails the debtor’s invoices. See Rule engine criteria reference.
• A to-do is created for the debtor.

When the event is on a client

• The Invoice Factoring Sell product is disabled on the client, if it was enabled. Until it is enabled again, a rule that includes the criterion Client Financing Enabled fails the client’s invoices. See Rule engine criteria reference.
• A to-do is created for the client.

This is by design. The to-do tells you what to look at before you decide to finance again.

Handling the to-do

The to-do appears in your task list, due the next day. Events with the same event date are collected in one to-do.

1. Open the to-do from Tasks on the Dashboard, or from the client’s Tasks tab. The window lists The following changes have occurred, with Event Type, Old Value and New Value.

2. Review the change and decide what to do about the client or debtor.

3. Tick Mark as done and choose Update.

Update only closes the to-do

Update marks the to-do as handled. It does not change the debtor or the client, and it does not switch Allow financing or the product back on. Do that yourself when you have decided to: tick Allow financing on the system debtor, or choose Enable on the Invoice Factoring Sell row in the Products list on the client’s page.

Updating the score and removing monitoring

On the Invoice Factoring board, choose Details under the Risk overview to open Detailed risk overview. From there you can:

• choose Update credit score to fetch a new credit check
• untick or tick the Monitoring check box to remove or add monitoring for the company

The first time a debtor gets a credit score from the board, monitoring is switched on for it. Depending on the credit data provider settings, monitoring can also be switched on automatically when a debtor or client is first seen.

Remove monitoring

1. Open Detailed risk overview for the debtor or client on the Invoice Factoring board.

2. Untick Monitoring.

3. Wait for Successfully saved, monitoring is disabled.

Unticking the box also tells the provider to stop sending events, which is why you remove monitoring here and not at the provider.

What removing monitoring does:

• The credit data and the history already collected are kept.
• No new monitoring events arrive for the company, so nothing changes in the Risk overview and no to-do is created.
• A company where an operator has removed monitoring is not switched on again by the automatic setting. Tick Monitoring again to start monitoring it.
• You do it one company at a time. The Monitoring box is only in Detailed risk overview on the Invoice Factoring board, not on the system debtor page.

Adding and removing monitoring each need a right. See Rights, roles and users and the rights catalogue.

The credit lookup fee

Credit Lookup Fee is a recurring fee on the client’s price list, described as a recurring fee charged for credit information lookups. Its price and how often it is charged are set per client on the Billing tab, under Price List, and the charge is created by charge generation like other recurring fees. See Daily routines: Step-by-step guide.

Credit insurance limits

Credit insurance limits are fetched from, and applied for at, the credit insurance provider, for example Atradius. Every client that uses credit insurance needs an insurance agreement first.

1. Open the client and, in the general settings at the top, find Insurance agreement.

2. Choose the client’s agreement from the list. The agreements are set up with the insurance provider, and the one you choose must be the provider’s default agreement.

3. Save the client. Now Adjust insurance limit on the Invoice Factoring board can get the existing limit or apply for a new one for the client’s debtors.

Without it, getting or applying for a limit fails for the client’s debtors with the message There is no default insurance agreement for client. Check the client first when a limit cannot be fetched for one client but works for others.