CreditWorks was established in 1998 by Ronnie Tan and a small, dedicated team, that believed there should be more transparency in the credit referencing industry.
New Zealand’s first trade debtor reporting system
This desire led to New Zealand’s first trade debtor, commercial credit reporting system CRISworks.
” Positive data credit reporting provides a complete credit history allowing businesses to make wiser, more informed credit decisions. At CreditWorks we believe that knowledge is power and through CRISworks we deliver that knowledge ”
CreditWorks currently consists of a group of three companies that reside under the umbrella of The CreditWorks Group; CreditWorks Data Solutions, CreditWorks Solutions, and CreditWorks Financial Solutions.
CreditWorks Data Solutions Ltd (CDSL) is a privately-owned company that specialises in providing Comprehensive Commercial (Company) data to the credit industry of NZ.
CDSL has been in existence since 2003 and was formed by Ronnie Tan initially at the request of the Building Industry Federation (BIF) and the Pioneering Contributing Users (PCU) – PlaceMakers, Bunnings (then Benchmark), Carters, ITM, Mitre 10, and Exotic Timber.
The desire was to have a debtor database that collated debt information on customers, so credit information, debt exposure and payment trends could be profiled and viewed, while at the same time, the anonymity of the supplier(s) of the data was protected. This was primarily to prevent data mining of information for sales purposes.
Since its inception, CDSL has grown to a point where the number of customer’s regularly contributing debtor data has grown to over 350 – representative of over $2.3 billion in debt exposure – and is used by over 3000 companies for enquiry purposes (although non-contributors of data are limited in regard to the amount of financial data that can be viewed.)
The database is a “live” database (real-time data). Data is uploaded regularly from clients (daily in many instances) and from other sources such as the Companies Office, ensuring the status of the debtor is always accurate and up to date.
While the building industry remains the largest contributor of data, with over 85% of all building supply merchants providing customer data to CDSL, the database has expanded into many other areas, including the steel, plumbing, electrical, finance, freight, liquor, hospitality, Office Supplies, and Petroleum industries. High profile users outside the building industry include the likes of Air NZ, DB Breweries, BNZ Partners, Office Max, RD Petroleum, Fuji Xerox, Mercury Energy, Ricoh, MTF, and Hirepool to name just a few.
CreditWorks has the largest credit database of its kind in Australasia and it’s flagship product CRISworks is a unique credit information database. It is unique in that it is the only database providing positive- i.e payment profiles & exposure – information on companies, to this level, in NZ.
CreditWorks now offers a PPSR portal, PPSR+.