In cooperation between Krediidiinfo AS and Suomen Asiakastieto Oy, a Finnish credit information company, Finnish companies will now gain access to the credit ratings of Estonian companies in real time. 

Initially, the new report exchange means that Asiakastieto Oy will offer its Finnish clients credit rating reports on Estonian companies in real time, announced Krediidiinfo. In future, information from Finland will be made available to Estonian entrepreneurs.

A good basis for cooperation is the similar approach to credit rating assessments used by Krediidiinfo and Asiakastieto. For example, both Krediidiinfo and Asiakastieto take into account payment default, meeting payment terms and financial reports in their assessment models. Both companies divide credit ratings into seven categories.

"Our approach to the offered products and database administration has always been quite similar and the integration of our reports is a natural next step in our current stage of cooperation," said Veiko Meos, the head of Krediidiinfo.

According to Jukka Ruuska, the head of the Finnish company Asiakastieto, there is a need for up to date international credit information that gives information about the solvency and reliability of a partner in order to understand overseas business partners more. "In the current environment of economic uncertainty, checking credit information is even more important," said Ruuska.

According to Krediidiinfo, more than 4,000 companies that have a Finnish owner operate in Estonia. Three years ago, the number was 2,800. In the opinion of Asiakastieto, Estonia attracts its northern neighbours' companies due to its lower production costs, easy business start-up process and a favourable taxation system that encourages growth.

Source: BNS /RMP