CreditWorks established itself in 1998 as a pioneer in the New Zealand credit referencing industry, formed at the request of the Building Industry Federation and the Pioneering Contributing Users – PlaceMakers, Bunnings (then Benchmark), Carters, ITM, Mitre 10, and Exotic Timber. Founded by Ronnie Tan, who continues to own and operate the business today, CreditWorks was created out of the firm belief that greater transparency in credit referencing between suppliers and customers would be of benefit to all.
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 then CreditWorks has continued to expand its network, which now encompass contributions from 35 different industry sectors.
This desire led to New Zealand’s first trade debtor, commercial credit reporting system CRISworks (Credit Referencing Industry Solution).
Since its inception, CreditWorks has grown from hosting around 150,000 debtor records to over 3.5 million debtor records, and this continues to grow.
While the building industry remains the largest contributor of data, with over 95% of all building supply merchants providing customer data to CreditWorks, the database has expanded to now cover a wide range of other industries.