CreditWorks database (CRISWorks) is a repository of data which is utilised to compile Commercial Credit Reports. CreditWorks does not own the data and is merely the Custodian of such.
CreditWorks provides Commercial Credit Reports to its subscribers, primarily for the purpose of assisting them with credit provision decisions. Such Reports are accessed directly, via a Password Protected site, by the Client, on an individual basis.
The majority of the Report is compiled from data obtained from the NZ Companies Office, publicly available information, and from clients submitted information, (including defaults, Aged Trial Balances, and debt exposure details.) Some of the associated report data is obtained from external sources in relation to property ownership and Consumer information.
CreditWorks does not offer opinions, or suggestions, to the report subscribers, other than to explain-if requested- the content of the Report. CreditWorks personnel do not assist the report subscribers with their decision-making process or have input to the credit decisions they make.
CreditWorks does not alter, amend, critique, or adjust the data supplied by the third parties. It is provided to expert external Data Analysts for the purpose of collating and assessing a predictive Score and Likelihood of Business Failure. These Scores are determined by well-defined and internationally accepted business processes, including utilising algorithms, Machine Learning, and Artificial Intelligence along with assessing up to 13 variables based on the data available. The Scoring process is well proven and has a high level of accuracy. Methodology and content is reviewed by the Analysts on a regular basis, to ensure any adjustment required to further enhance the accuracy of predictions is recognised.
CreditWorks has no input or influence on the Scoring process, other than to provide the raw data, and therefore is not able to assist with any concerns which may be raised by the Customer, questioning the accuracy of the predictions arrived at, or alter, adjust, or amend such data unless the data is proven incorrect. In this instance it is necessary for the concerned party to refer direct to the Supplier of the data, to have it amended accordingly, and subsequently provide the amended data to CreditWorks.
All customer concerns relating to Credit decisions made by the Credit Provider, must therefore be referred to the Credit Provider, as CreditWorks are unable to assist in either altering Report predictions or influencing credit decisions.