Nuvo is designed to provide a portfolio of credit insights to help you to overcome a lack in any particular data source. To get more confidence in your buyers ability to pay, Nuvo allows you to leverage multiple insight sources, and request more information from your customers.
Let's take a scenario in which a credit bureau report either does not exist, or has only a limited number of reported trade lines. This is often the case with new or small businesses who have not had their payment behavior submitted to a credit reporting agency.
For example, you could combine an instant bank reference, two trade references submitted by your peer companies, and a personal guaranty backed by a business principal credit report — or pull a National Trade Credit Report (NTCR) through NACM — to replace a missing business credit bureau report.
Instant Bank Reference
This provides insight into the aggregate financial position of the connected accounts. This data is returned directly from the authorized bank, and will provide a picture of trends in their holdings.
Trade References
Nuvo automatically sends emails from your connected inbox to request trade references on your behalf. You can ask the buyers themselves to follow up with the references to provide a response to you, if they haven't done so already.
National Trade Credit Report (NTCR)
Once your NACM account is connected, National Trade Credit Reports become available directly on your customer profiles. Nuvo automatically matches your customers to NACM's records, so you can pull a report whenever you need one — a useful alternative when a traditional bureau report is thin or unavailable.
Personal Guaranties and Business Principal Credit Reports
If you're unsure of your buyer's business creditworthiness, you could optionally have them complete a Personal Guaranty through Nuvo. Simply click "Request More Info" on the relevant customer profile in Nuvo, and be sure to include Personal Guaranty.
Once the guaranty has been submitted, you can request a business principal report, which is the same as a personal credit report, but is used to support a business transaction.
Alternative Bureau Reports
Nuvo provides credit bureau reports from Equifax, Creditsafe, and Dun and Bradstreet, which can be used to complement one another to attain the maximum depth of insight from the bureaus.