Historical Insight

The Creditreform group of companies includes 180 offices in various countries and employs over 3600 people. The Creditreform group was established in 1879 in Germany. In over 120 years of operation, Creditreform’s product range has undergone significant changes. However, the main objective – safeguarding of creditors’ interests – has remained the same.

Ever since its incorporation in 1995, Creditreform Latvija SIA has been providing credit information and debt recovery services. Initially, services were offered only to Creditreform network customers in Europe, whereas Latvian customers could only utilise foreign debt recovery services. In 1998, we commenced full-scale debt recovery operations from individuals residing in Latvia.

In 2000, the following new services were offered in Latvia: debtor credit history databases and the warning service stamp. Clients could also benefit from the integrated debt recovery service that includes litigation as a continuation of the debt recovery process.

In 2002, Creditreform Latvija SIA was the first credit management company in Latvia to certify its quality management system according to the ISO 9001:2000 standard. It still is the only ISO-certified credit management company in Latvia. Creditreform Latvija SIA established a subsidiary in Lithuania, Creditreform Lietuva UAB, which has become Lithuania’s leading credit management company.

In 2003, we developed the interactive credit management system CrediWeb for providing our services online. Our subsidiary in Estonia, Creditreform Eesti OÜ, was established.

Creditreform Latvija SIA has expanded its client base and reinforced its leading position in the Latvian market by broadening and improving the range of free services for checking business partners, available at CrediWeb (http://www.crediweb.lv/).

In 2006, Creditreform Latvija SIA increases its share in Creditreform Lietuva UAB from 26% to 35%. A new information product regarding Latvian Commercial Registry companies – Customer Portfolio Management – was developed and offered to customers.

At the beginning of 2007, we finalised our scoring model for Latvian Commercial Registry companies. As of April 2007, our CrediWeb portal includes a new information product – CREFO Score.