What do you like best?
The best part of Creditsafe is that it is incredibly cheap. Certainly worthwhile for supplemental data to support reports from other credit agencies. Also it includes all legal information (judgements, tax liens, UCC filings) which the other affordable credit agencies don't include, or include for an additional fee.
What do you dislike?
The way data is displayed makes it hard to determine a credit limit. Rather than break out each individual creditor's data as a separate line item, Creditsafe only offers all creditors data lumped together. The best it will do is break them apart into 4 separate lumps that are grouped together by very vague industries. Creditsafe has the potential to become a great product, but until they can better display their data you will never be able to rely on it as your only credit agency
Recommendations to others considering the product
It seems like Creditsafe is trying to improve their product. They recently changed their reports to give a little bit more information, but sadly most of what they added is just different ways of displaying the same data (graphs and tables with the same information). That said, they have sent representatives to our office to discuss what we think of their product, and they understood all of our complaints (which way out numbered our praises) and said they would try to implement some of our suggestions but that there may be limitations on how they can display the trade tape that they originally purchased to get started in the US market. For the last year they have actually been collecting our aging, and I have noticed it being incorporated into their reports, so I can only imagine as they grow, and get more reporting subscribers, their data will improve and eventually they won't be hindered by any limitations being imposed upon them.
What business problems are you solving with the product? What benefits have you realized?
We use it when setting up a line of credit for a new customer. Creditsafe is generally good for determining whether or not a particular account is credit worthy, but it is not good at determining what a credit worthy account's credit limit should be.