Creditreform annual report

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Creditreform annual report

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C r e d i t r e f o r m annual report

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Creditreform annual report

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PageForewordDigital experience 4

CredITreForMCoMMerCIALrePorTSNever as valuable as now 5

CredITreForMdeBTCoLLeCTIoNMarkt im Fokus – Digitalisierung 6

CredITreForMINTerNATIoNALBorders disappear – Risks remain 7

CredITreForMrATINGCreditreform Rating with newline of business: Sovereign ratings 8

CredITreForMBoNIVerSUMBoniversum stays on the fast track 9

IMPrINTCreditreform: Professional partnerfor secure business worldwide 10

3CredITreForMANNUALrePorT2016 /2017

t a B l e o F C o N t e N t S

Between"digital-analogueconverter"and"digitalworld",thereare around 500 entries startingwith theword digital in theGerman version of wikipedia. And the articles themselvesincludecountlessmorecompoundscontainingthatword.Thatisjustanotherindicatorofhowimportantdigitisationhasbe-come–inourday-to-dayactivitiesandinourworkinglives.Andeventhoughthere are no entries headed "digitalcommercial reports" or "digital debtcollection", our two core services areverymuchaffectedbytheupheavalsofdigitisation.

whereelectronicinformationdeliveryanddebtcollectionareconcerned,wehave always been in the front line ofdevelopment.Aslongagoasthe1980s,commercial reports were availablefromthedatabaseonlineviamodem,whilebeforetheturnofthemillennium,debtcollectionfileswerealreadyavail-able electronically, enabling creditorsto check on a PC the status of anydunning proceedings. Nowadays, theinformation we provide is ready-to-handle in theriskmanagementsystemsofourclients,custo-mised in an electronic exchange to meet their individualcontrollingrequirements. Inthisway,newcommercialreportformatsandmonitoringserviceshavebeendeveloped–andareconstantlybeingdevelopedfurther–toadaptBigdataincreditor protection to meet the specific needs and require-mentsofeachindividualmember.withtheelectronicintegra-tionofourbalance-sheetdatabase, theAccountsreceivableregisterGermany,informationfromdebtors‘listsandinsolvencyregistersaswellasmanyotherdatabases,wearecreatingnotonly awhole new range of products but also a density andsecurityofinformationthatisuniqueinthefieldofsafeguardingcreditors.Thatmarketleadershipfuelsfurthergrowth:infiscal2016,internationalturn-overreachedeUr563.0million(2015:eUr 547.8 million), while revenues in Germany rose toeUr498.7million(2015:eUr484.7million).

Paralleltotheadvanceofdigitisation,weconsideritcrucialtogoonextendingandevolvingtheexperienceandexpertiseofour employees and integrating this into our processes. Thecreditverdict,theultimateassessmentofcreditworthinessinacommercial report, is delivered by an employee. Is it worthlaunchingacollectionprocedure?whatisthemostpromisingcourseofaction?Thesearealsomattersdecidedbyourstaff

– in consultationwith you.At 129Creditreform locations inGermany alone, we conduct close-to-the-market research.ourownobservationsandourpersonalcommunicationwiththosewedealwithinourreportsgiveusdetailedknowledgeofbusinessenterprises.researchinvolvesmorethanweb-craw-

ling.Thecurrentdiscussionabout"fakenews” in a "post-factual world" showshow important it is for people to beabletorelyoninformationobtainedviathe Internet and to understand thebackgroundtotheopinionsandassess-mentsobtainedviaTwitterorwebsites.

ForCreditreform,communicationwithour members is important – whetherthis takeplace face-to-faceor via newdigitalchannels.Todevelopthatdialoguefurther, we will this year unveil a newonlineportal–onethatisnottechnology-driven but target-group-oriented andthus more personalised. It will givemembers greater scope to create anindividualprofileinconnectionwithourservices.Theycanthenbeofferedaddi-tional services aligned to their needs

andwishes,andtheywillbeable,forinstance,toupdatetheirself-appraisalselectronically.Forus,thelaunchwillbefollowedbyalearningphase,withatwo-wayexchange:wewillseewhatiswellreceived,whatgoesdownwellandwhatdoesnot,andthatwillenableustoadaptthenewanddynamicCreditreformportalonanongoingbasis.

ourservices,businessinformationanddebtcollectionactivities–andallthecomplementaryofferingsclusteredaroundthem–requiretrustandasenseofcloseness.Botharetraditionallyshapedbymembershipandgeographicalproximity.Nowandinthefuture,theywillalsobecreatedbytheopportunitiesfordialogueinthedigitalworld.

Yours

Digital exPeRieNCe

CredITreForMANNUALrePorT2016 /20174

F o R e w o R D

Christian Wolfram,PresidentandChairmanoftheJointBoardof

VerbandderVereineCreditreforme.V.

Themost recent surveyofGermanSMesconductedby theCreditreformeconomicresearchUnitpresentsahighlypositivepicture.Businessisbooming,companyorderbooksarefull.onethirdofallfirmsinthecraftssectorreportgrowingrevenues,whileoverhalfaremaintainingtheirturnoveratasteadyhighlevel.Paymentconductamongcustomershasalsoimproved–over 90 % of the firms surveyed say that their invoices aresettledwithin30days.Together,thesefactorsmightmakerisk-provisioningbymeansofbusinessinformationproductsappearunnecessary.But is that really the case? Is it reallyno longernecessarytocheckoutacustomer’scredit-worthiness?

Thefactsofthematterarethatineconomicallysecuretimes,quiteafewfirmswillbeinabetterpositiontocopewithlossesorpaymentdefaults.Butwhyshouldthey?everysingleunpaidbillisonetoomany,everypaymentdefaultcallsforadditionalsalestokeepprofitsstable.AndsoCreditreformcommercialreportscontinuetoflourish,asindicatedbythegrowingnum-bersofreportsissued.Afterall,beforeanygoodsaresold,thequestionofthecustomer’scredit-worthinessarises–andthisissomethingthattheincreasingdigitisationofsaleschannelshasn’tchanged.Quitetheopposite,infact:thismakestransactionsevenmoreanonymousandextendstradecreditintotheconsumersector,too.Againstthisbackground,Creditreformoffersonlinemerchants a comprehensive solution for paymentprocessing:CrefoPay.Thisnotonlyhelpstore-duce the number of aborted purchases andpaymentdefaults,butalsohelpstocutcosts.withtheobjectiveofmaximisingrevenueswhile at the same timeprotectingtradersfrombaddebts,theriskinvolvedinanytransactionis checked and evaluated bymeansofamulti-stageprocedure.dependingontheresultthispro-duces, the buyer is automaticallytakentoadynamicpaymentpagewhichofferstheappropriatepay-mentmethods.Coupledwiththisisprofessionalaccountsreceivablemanage-mentwithintegrateddunning.

In2017, following the insolvencyof theBritishfirmofUPG,Creditreformtookoveritsactivi-tiesinGermanyandacquiredallthesharesintheformer parent company, UPG TechnologyGmbH,Berlin,whichhadnotbeenaffectedby

theinsolvency.UPGGermanyremainsanimportantpartnerintheonwarddevelopmentofCrefoPay–butisnowfundedbyCreditreformandunderitssolemanagement.

Butitisnotjustine-commercethatthefullspectrumofCredit-reformbusinessinformationproducts–fromcompactdatatopremiumcommercial reports–offer integration incustomersales and controlling processes. what sizeable, expansion-orientedCreditreformclientsneedisnotsomuchastandardsolutionasindividualisedinterfacingwiththeirriskmanagementin credit-standing appraisals. every year, the CreditreformCustomerandPartnerManagementteamcarriesouta largenumberofinterfacingprojects.Mostoftheseprojectstakeonlyafewmonths,frequentlywithintheframeworkofamade-to-measuredevelopment for theparticularclient.Asaresultofthe increasingdigitisationofbusinessprocesses at customersandpartners,andthecorrespondingmultipliereffectsfollowingimplementation,theCreditreformspecialistsare familiarwiththe systems that clients use and can thus tailor their offersprecisely. of special interest in this regard are CrM, erP,

accounting, and CMS systems. Systematic questioningidentifiestherelevantinformationontheclient’sprocessesandthisisthenstoredinourowncustomermanagementsystem. And although even experienced Creditreformadviserscanfinditdifficulttomaintainanoverviewofallproducts and their applications, focusing on particularfields of business enables us to offer pragmatic and

efficientsolutions.

It takes just a look at thefields of e-commerce orfintechtohighlightthefactthat even in times of afavourableeconomicclimateandimprovedliquidity,itisclear that commercial re-ports and credit-checkingare not only not super-fluous – they are in facteven more crucial thanbefore. And, thanks to

new ideas on connectivity, theynowalsooffergreaterconvenienceand

easeofuse.

5CredITreForMANNUALrePorT2016 /2017

NeveR aS valuaBle aS Now

C R e D i t R e F o R M C o M M e R C i a l R e P o R t S

Creditreformdebt collection–our secondpillarof creditorprotectionalongsidecommercialreports–continuedtoexhibitagoodbusinessperformancein2016.revenuesincreasedinallfieldsofCreditreformaccountsreceivablemanagement,from

traditional debt collec-tiontodebtpurchasing,and from our domesticto our internationalactivities. Creditreformthuscontinues toplayaleadingrole inGermanyand europe when itcomes to ensuring thepaymentofunsettledbills.

with state-of-the-artITsystemsandthecorrespondingin f r a s t r uc ture ,

our activities asser vice-providerfor a diverse rangeof business sectors

were intensified in2015 and 2016. with

the connection to sec-toral customer systems,Creditreformservicescanbeutilisedsimply,secure-lyandasintegralcompo-

nentswithin the customerapplication.Thebenefitsthiscreatesinthe

efficient shaping of customer processes, andthusthereductionofthecustomer-andcreditor-

relatedcosts,setourofferingsapartfromthetraditio-nal software solutions available in the market. And we

alwaystailorwhatweoffertothespecificrequirementsofthesector concerned, from energy supply, e-commerce, health-care, manufacturing and retail to logistics and transport,includinglocalpublictransportservices.ourofferingsarenotconfined to classical fiduciary debt collection but provideprocesssolutionsfortheentirelifetimeofamonetaryclaim–fromthemomentitfirstarisestothemomentitissettled.

In all this, emphasis is also placed on communication withCreditreformmembers.onourdigitalagenda,2016broughttheenergeticdevelopmentof thenewcustomerportal.ThenewCreditreformwebportalwillofferclients–notjustinthefield of accounts receivable management – access to a new

personalizableCreditreformworld.Theself-servicesonoffer– for instance for staff and authorization administration, thestoringandmodificationofcontactdata, anoverviewof theservicesalreadycalledup,andprocesssolutions–enablemem-berstodrawatanytimeontheentirespectrumofwhattheCreditreform Group can provide. The development of thisportalreflectsthestringentdemandsmadeonITsecurityandcompliance: it meets the highest standards of IT safety andavailability requirements. The launch will take place in thesecondhalfof2017.

eventhoughCreditreformistakingovertheleadingroleinthedigitisationofreceivablesmanagement,akeyprincipleofourcorporatestrategyisclosenesstothemarketandtoourcusto-mers.Thankstoover129businessoffices inGermanyalone,Creditreformisalwayspresentasapersonalbusinesspartner.Andthislocalandregionalpresenceisanimportantfactorinour successful debt collection efforts. Closeness to debtorsmeansthatopenclaimscanbeclarifiedinon-sitediscussions–and unsettled invoices can be paid on the spot. our debtcollectionfieldserviceexpertsareoftenabletoclarifyclaimswiththeindividualdebtoratanearlystageinproceedingsandthusavoidthehighcostsassociatedwithobtainingalegaltitleandsubsequencejudicialenforcement.

Adouble-digitincreaseininternationaldebtcollectionordersin2016testifiestooureffectivenessinthisfieldandunderlinesour top status inany international comparison.The inclusionoffurtherpartners inourcross-bordernetworkishelpingtoextendtheavailabilityofCreditreformservicestovirtuallyallthecountriesintheworld.Thecoordination,managementandmonitoring of debt recovery cases is always in the hands ofCreditreform’sinternationaldebtcollectiondepartment.

roundingoffourreceivablesmanagementservicesisfactoring.As a nationally leading operator, Crefo Factoring is much indemand.Ithandlesoveramillionclaimsayearforretail, lightindustrialandservicefirms,involvingaround500,000customeraccountsandavolumeofabout1.8bneuros.

Thosearesomefactsandfiguresfor2016,andinviewofthedigitalagendaweareenergeticallypursuing,theypresentposi-tiveprospectsfor2017andbeyond.

MaRket iN FoCuS – DigitiSatioN

CredITreForMANNUALrePorT2016 /20176

C R e D i t R e F o R M D e B t C o l l e C t i o N

Germany isandremainsanexportnation–despite the factthat this country’s substantial foreign trade surplus attractscriticismfromneighboursnearandfurtheraway,anddespitetheincreasingprotectionisttendenciesseekingtorestrictfreetrade.Aworldwithouttheexchangeofgoodsacrossborderswouldbecomepoorer.Itisnotjustbigindustrythatopensupmarketsabroad–Germany’ssmallandmedium-sizedfirmsalsoleavebordersbehindthemandexporttheirproducts.Butthatisnotaneasypath.Afterall,itholdsnotjustmanyopportuni-tiesbutalsorisks.especiallyinrespectofpaymentconductandthedebt recovery regulationsof the individual legal systems,thereareconsiderabledifferences fromGerman laweven inregionsthatarequiteclosetous.

A Creditreform commercial report is the method of choicewhenitcomestoobtaininginformationonabusinesspartnerinanothercountry.weattachedgreatimportancetoensuringthatour international reportsconformto those inGermany,particularlyregardingthebreadthandreliabilityoftheinforma-tionprovided.Thisisasignthatinitsworldwideactivities,too,Creditreform remains loyal to the principle of de-centrality.Thatiswhywefostercooperationwithcomparableoperatorselsewhereofferingcompetenceandmarketcloseness.Linksofthis kind call for ongoing quality control and monitoring, toensurethatthestandardswhichCreditreformsetsinGermanyaremetandsecuredelsewhereaswell.InCentralandeasterneurope,Creditreformitselfhasbeenactivesincethefalloftheformerborders,anditoperatesinChina,too.Altogether,wearelocatedin23countries.

Adhering toGermanstandardsalsomeans that internationalbusinessinformationproductsmustcoverthesamespectrum

as in this country, offering the various report formats andmonitoringsolutionsthatcustomersherearefamiliarwith.Thisextendsfromcompactinfos(UnternehmensinfoKompakt)tofull commercial reports. with this extensive range, theproductscoveranexporter’srisksituationandinformationrequirements. If therisk isonlyminor,abusiness informationproductprovidingcompanystructuraldataandsectoralfactsissufficient.Ifthedemandsaremorestringent,aninternationalcommercial report is needed, giving a triple-digit credit-standingindexfigureand,amongotherthings,financialdatafroma three-yearperiod.roundingoff this productprofilearemonitoringservices,whicharealsoavailable in linewiththespecificriskhorizon.Correspondingtothereport’sinfor-mationfields,thefollow-upspecificationscreatescopeforthepermanentmonitoringofcustomersandsuppliersabroad.

And should something ever go wrong, producing an unpaidinvoiceandacustomerwhohasbecomeadebtor,ourinter-national debt collection specialists can help. Here, too, ourservicesarealignedtotheindividualcase.ThisstartswithourInternationaldunningServiceandextendstotherecoveryoftitledclaims.Inthisway,languagebarriersanddifferinglegislativesystemsandunfamiliarjudicialproceedingscanbeovercome.

Lookingbeyondbordersforsalesopportunitiescanbeagoodandprofitableidea,buttherisksremain.Arecentsurveyofthepayment conductof companies inmajor customer countriesrevealsthatonlyrarelyarethecollectionperiodsstandardinGermany found elsewhere: on average in europe, it takesaround55daysbeforeinvoicesaresettled–andthatisalmosttwiceaslongastheaverageinGermany.

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BoRDeRS DiSaPPeaR – RiSkS ReMaiN

CredITreForMANNUALrePorT2016 /2017

C R e D i t R e F o R M i N t e R N a t i o N a l

8

Uptonow,Creditreformratinghasfocusedlargelyonratingbusinesscompaniesandtheirpublicofferings,performingasset-backedfinanceratingsforvariousassetclassesandproducingstructuredfinanceratings.Lastyear,thisspectrumwassignifi-cantlybroadened.Alongsidebankratings,oneprimenewfieldcomprisessovereignratings.ThisputsCreditreformratinginaleaguewiththethreemajorAmericanratingagencies.Sovereignratingsrepresentaglobaltoolforcomparingandassessingthecreditworthinessofacountryanditslevelofdevelopment.

Sovereignratings–whichratesovereignbondissuers–mustnotbeconfusedwithcountryriskratings,whicharebasedonthe business environment and the borrower in the countryconcerned.Asovereignrating isanassessmentof thebond-issuer‘scapacitytomeetitsfinancialobligationsinfullandontime.

Creditreformratingalsoratessovereignfinancial liabilitiesordebtinstrumentsdenominatedinforeignornationalcurrencies.Theratingsofgovernmentbondsrarelydifferfromtheissuer‘sratingbecausetheyaremostlyseniorunsecuredbondsredeem-ablebyasovereignentity.

Sovereignanalysistakesaccountofnumerousquanti-tativeandqualitative indicators.Creditreformratinghasdevelopedasovereignratingmodel that provides an analyticalframework for quantitativeandqualitativeanalysis.

Thebasisforthemodelisformedbyfourriskfactors:foreignexposure, macroeconomic performance, fiscal sustainabilityandinstitutionalstructure.Inapplyingit,theanalystsemployastatistical approach thatproduces a score for each individualriskfactorderivedfromthesummarizedresultsofawiderangeofquantitativeandqualitativeindicators.Themodelalsotakesaccountofcountry-specificinfluencingfactors.

Therisksituationassessmentsarebasedonbothhistoricaldataandthefuturedevelopmentoftheindicatorsused.Thisfore-castingtakesaccountofthefactthatanyratingassessmentisatoolforthefuture.Athrough-the-cycleapproachisthusadopted.

risk factor analysis is largely based on quantitative features.However, the influenceofqualitative indicatorson theratingshouldalsonotbeunderestimated. Inmanycases,qualitativedataanalysiscanbecrucialforarating.Thespecialstatusofasovereignbond-issuervisàvisotherborrowersplaysarolehere.Agovernmenthasspecialrightsandpowers.Italsohasgreaterscopeforaction,e.g.thoughmonetaryandfiscalpolicy.

SinceJuly2016,Creditreformratinghasassessedatotalof24sovereignentities:the19eurozonemembersplustheUSA,

China,Sweden,denmarkandPoland.Theratingswerewellreceivedbythenationalauthorities,althoughsubsequent

responsesdiffered.Somefinanceministriesmerelycon-firmedreceiptoftheratingreport,otherscontacted

Creditreform rating with requests to exchangeexpertise.

In delivering sovereign ratings, Creditreformratinghasentered thedomainof the threemajorNorthAmericanratingagencies,thuscontributingtoagreaterdiversityofopinion.

Buttherearemorenewratingactivitiesunderdevelopment.In2017,Creditreformratingalsoplans

totakeupcoveredbondrating.

CredITreForMANNUALrePorT2016 /2017

CReDitReFoRM RatiNg with New liNe oF BuSiNeSS: SoveReigN RatiNgS

C R e D i t R e F o R M R a t i N g

"Sovielistsicher”("Thismuchiscertain")–isthenewBoni-versumclaimfeaturedonitsrevampedwebsitesincetheendof2016.whatisdefinitelyalsocertainisBoniversum‘songoingpositivebusinessdevelopment.Thestrongandstableupwardtrendevidentin2015hascontinued–andtheoutlookremainsbright.

ConsumerenthusiasminGermanybroughtBoniversumaverysuccessful year in 2016. The big online discounts offered inNovemberon"BlackFriday"and"CyberMonday"mass-mobi-lisedshoppersandproducedthebusiestandbestsalesmonthinBoniversumhistory.Buttheothermonthsoftheyearwerealsoverysatisfactory.Thenumberofinquiriesreceivedin2016increasedby16%againsttheprioryear.Thecompany’sgrowthcontinues to be driven by its e-commerce competence.Inquiriesheregrewmoresharplythantheecommercemarketitself.Thestrategicrealignmentofsalesactivitiestowardssolutionsaleswithasectoralfocushasalsostartedachievingsuccesses.

energysuppliers,banks,fintechcompaniesandinsurersweredefined as strategic targets for more growth. 2016 alreadyproducedmany new clients in the energy sector.And sinceconsumersare increasinglywilling toswitchbetweenenergysuppliers,themarketpotentialforthefutureissubstantial.

2016sawsignificantinvestmentinnewtechnologiesandpro-ducts.Alongsidetheonwarddevelopmentofscoringproducts,theextensionoftheanti-fraudIdproductlineprovedhighlypopular. In2017,Boniversumwill unveilmorenewproductsdesignedtomeetsector-specificmarketrequirements.

Further development and stabilisation measures for oldersystems also proceeded on schedule. The adjustments andimprovementsmadebySeptember2016guaranteedtheper-formancerequiredforChristmasbusiness–agoodandsoundbasisfortheredevelopmentandreplacementofthecompany‘sbusinessinformationagencysoftware,whichBoniversumwillstartin2017.

Modern, transparent and dependable – three qualities thatsum up Boniversum and which need to be communicatedexternallythroughitsmarketpresence.Thecompanywebsitehasbeencompletelyredesigned–technically,conceptuallyandvisually. Clear and modern with a high recall value and anoptimiseduser-friendlyinterface,itnowfocusesmoresharplyontheindividualbusinesssectors.Thevisitorreceivesextensiveinformation on companies, products and the end-to-endintegratedsolutionsportfolio thatBoniversumoffers incon-junctionwiththeothermembersoftheCreditreformGroup.All other business and marketing materials have also been

modernisedandconcep-tually optimised, so thatBoniversumstarted2017with a fresh and up-to-datelook.

HighontheBoniversumagenda is the desire topromoteamorepositivepublicperceptionofcredit-worthiness.Sotheweb-site now features a sec-tionspecificallydesignedforconsumers:Bonipedia.In it, private individualsfind easy-to-understandinformation on credit-worthiness, scoring anddataprotection.Thecon-tentwillbecontinuouslydevelopedandenhanced.Inaddition,accesstoself-appraisalshasbeenmadeeasier,andthanks to cooperation with fintech companies, importantgroundworkhasbeenlaidfordigitisingprocesses.

Initsstudiesandpublications,Boniversumwillinfutureplacegreaterattentiononmattersofpublicinterest.ThepublicationSchuldnerKlima-Index (debtor Climate Index) was discon-tinued after the winter 2016 issue. Instead, Boniversum willfocusonconsumersurveysontopicalissuesthataffectsociety,businessandpoliticsandarerelevantforthesectorsinwhichBoniversumclientsoperate.Theintentionistogenerateevenmorepositivemediainterestandcreatenewscopeforsales.

outlook:Allsignspointtogrowth.Furtherproductsareinthepipeline and the modernisation of IT systems will make itpossibleforthecompanytogetnewproductstomarketfaster.

BoNiveRSuM StayS oN the FaSt tRaCk

CredITreForMANNUALrePorT2016 /2017 9

C R e D i t R e F o R M B o N i v e R S u M

Creditreform stands for business information, receivablesmanagement,marketingservices,andsystemsandconsulting.129independentbusinessofficesinGermany,organisedintheumbrella association Verband der Vereine Creditreform e.V.,servearound126,000membercompaniesofallsizesandfromallbusinesssectors.

Thespectrumonofferrangesfromthecreditworthiness-basedselectionandtargetingofnewcustomersandtheprovisionofcredit-standingdataonbusinessenterprisesandprivateindivi-dualsthroughtocompletesystemplatformsforcompany-inter-nal risk management and sophisticated receivables manage-menttools.eachsingleservice,appliedattheappropriatepointinthecustomerrelationschain,isaimedatpreventingpaymentdefaultsorminimisingtheirimpact.

Theextensiverangeprovidedinthefieldofbusinessinforma-tioncomprisesproductstoappraisethecredit-standingoffirmsorconsumers,andproductsofferingdataonbusinesscompa-nieswithoutacredit-statusassessment.Thebusinesscompany

credit-appraisal portfolio includes solutions to assist in creditdecisionsinthemediumandhigh-riskarea,andalsocommercialreport formatswhich facilitate swift creditworthiness assess-mentsinthelow-risksector.Thentherearealsobalance-sheetanalyseswithvariousdepthsofevaluation.Inthesphereofreceivablesmanagement,Creditreformoffersafullserviceforrecoveringoutstandingmoneys:fromhandlingcommercialdunningandaccompanyingjudicialdefaultsummonsproceedings through to the long-term monitoring of titledreceivables. In addition, there are specialised offers such asbuying-inreceivableswithintheframeworkoffactoringandthepurchaseofdistresseddebts.

Inthefieldofmarketingservices,Creditreformprovidessolu-tions forupdatingexistingstocksofaddressesandappraisingthesewithregardtothedefaultrisk.Anotheroptiononofferisthecreditworthiness-basedselectingandtargetingofpotentialnewcustomers.

CReDitReFoRM: PRoFeSSioNal PaRtNeR FoR SeCuRe BuSiNeSS woRlDwiDe

i M P R i N t

10 CredITreForMANNUALrePorT2016 /2017

Joint Board::

dipl.-Kfm.Christianwolfram,duisburg(President)

Ingolfdorff,Herford&Minden(Vice-President)

dipl.-Kfm.ThomasSchurk,Aschaffenburg(Vice-President)

MichaelBolte,oldenburg

StephanBrodmerkel,Koblenz

dipl.-Kfm.StefanLangenfeld,BadKreuznach

AttorneySebastianSchlegel,Kassel

Management verband der vereine Creditreform e. v.:

AttorneyVolkerUlbricht(SeniorManagingdirector)

dipl.-Inf.BerndBütow

dr.Hans-Jürgenwalbrück

VerbandderVereineCreditreforme.V.Hellersbergstr.12,41460NeussTelephone(02131)109–0Telefax(02131)109–8000e-mailkontakt@creditreform.dewww.creditreform.de