Business Credit Checks

Report Pay Habits of Accounts Receivable to BizFraud

Business Credit ChecksSmall Business Owners cannot afford to extend credit and not be paid in a reasonable amount of time which is 30-60-90 days as per Company Policy.

When extending credit to a Credit Applicant that is a Company or an Individual, you the Business Owner want to be absolutely certain that you will be paid on time and as agreed upon.

Determining the Credit Worthiness of a Credit Applicant is the single most important factor in minimizing the risk of income loss.

Would you give the keys for your car to a total stranger? Of course not… why then would you consider extending credit to a total stranger? Business Owners have to minimize the risk of income loss by using the fraud prevention or risk reduction tools that are available to them:

Consumer Credit Check from Trans Union of Canada and Equifax Canada 

A consumer credit report determines the credit worthiness of an Individual, it verifies, name, address and other important information that you as a Business Owner extending credit need to know. Business Owners need to know this! Who will you name on the document when you go to Small Claims Court, who will you send the Collection Agency after? The Golden Rule is…Know your Customer! Sample Report

Commercial Credit Check from Equifax Canada that determines the credit worthiness of a Company/Business, a Commercial Credit Check will show who else has been doing business with your Credit Applicant and whether pay habits meet your criteria or company policy. Sample Report

Business Credit ChecksNote: In the case of a Micro or Small Business Owner applying for credit, it is advised that a Consumer Credit Check be conducted on the Company Owner; often there is little or no information available on the Company. This does not meet the criteria for extending credit! Banks require Owners of companies to take out a personal loan where there is no Company credit history, so to should you check the credit worthiness of the Owner or Credit Applicant. Who will you fall back on if the Company defaults on the line of credit? Company names are changed when running from debt; it’s tougher to do that with your personal identity. The Golden Rule is…Know your Customer!

Sign Up Now for the ability to run credit checks on your Credit Applicants, this risk reduction tool will minimize your risk of income loss and prevent fraud.

Look for FREE Forms on the Website!