Safer sale with – The fast comfortable credit check

by Johannes Fiala, Lawyer (Munich), M.B.A. (Univ.Wales),M.M. (Univ.), Certified Financial and Investment Advisor (A.F.A.), EC Expert(C.I.F.E.), Banker (
Anyone who is active in the business world likes to know who they are dealing with. For example, what is the use of brokering a financial product if the customer does not keep his promise of services in the end? Even granting or brokering loans often works according to the motto “Trust is good? Control is better? Therefore test, who binds himself eternally. As is well known, this wisdom by Schiller does not only apply to a lasting love affair. Also in business relationships – be it online auctions, placing orders with companies or renting apartments and commercial premises – one would like to know how solid the partner is. The classic credit agencies regularly offer traders various payment models, in particular around 50 euros per individual report. The whole thing then becomes cheaper via a “membership”, which then costs a few hundred euros per year. For some time now, there has been an alternative and often more cost-effective way of doing this: here, offers an uncomplicated and quick solution. According to the Cologne-based operating company PNO, the web service provides up-to-date information on the creditworthiness of companies and private individuals. Everyone – and not just traders, as was previously the case – now has access to a huge data pool of renowned business information online around the clock. It includes data on over 35 million private individuals and companies in Germany. The service arrives. “Since the launch in September last year, we have registered close to 140,000 personal and corporate queries. This has prevented many a bad debt”, says PNO boss Gerhard Sauer. Vendors as well as buyers at online auctions and virtual bargain markets, he observed, would increasingly insist on an up-to-date credit check for higher values. “Registered users can now also pay their credit reports monthly by invoice,” Sauer informs. Unlike other providers, no annual fee is required. The only requirement for use is free registration and the creation of a Firstgate account, which is also free, for secure payment processing. Both are done in a matter of minutes. The credit check of private customers costs 4.70 euros per request. Information on companies is charged at 9.90 euros each. In addition to information on any negative features such as an affidavit, arrest order or insolvency proceedings, the creditworthiness of individuals is shown with the score value and that of companies with the creditworthiness index, each in the form of school grades from 1 to 6. The Cologne-based company PNO was founded in April 2003. This e-commerce solution for checking creditworthiness also comes into question when it comes to deciding whether the expense of enforcing claims in court should be approached at all. Price and comfort make the offer seem particularly attractive.

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About the author

Dr. Johannes Fiala Dr. Johannes Fiala

Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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