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17 Types of Information We Uncover When Screening Potential Business Partners

  Sue McConnachie   |     Aug 21, 2017

Commercial Credit Reports are a great tool for screening businesses, but they are also valuable when looking into individuals that you want to work with, such as:

  • Business Owners
  • Prospective Partners
  • Officers
  • Directors
  • Clients

In these situations, credit reports help to reduce risk, minimize expenses, improve lead times, increase productivity and improve cash-flow.

When looking into a potential business partner you are planning to work with, there are a number of areas you will want to consider.

1. Personal Background

Confirmation of personal information, including legal name, current address, and social insurance number.

2. Criminal Record Search

A nationwide search of the CPIC (Canadian Police Information Centre) database will provide information concerning any record of convictions or pending charges for which the applicant has not been pardoned.

3. Consumer Credit History

Summary of the applicant’s credit history, documenting borrowing facilities including credit card and loan balances as well as repayment history.

4. Land Title Sub-Search

Confirmation of ownership in real property, including details regarding purchase price, mortgages and last assessed value.

5. Bank/Investment Account Balances

Confirmation of deposit and investment account balances through financial institutions, brokers or recent statements.

6. Education Verification

Verification of the prospective applicant's post-secondary education; including degrees, diplomas and certificates.

7. Current Employment Verification

Verification of current employment, start date, position and salary through human resource departments.

8. Professional Accreditation Search

A search is completed when the applicant is a registered professional. Confirmation of registration within the applicable association reveals status, date of registration, and other significant particulars. Details may include negative information regarding disciplinary actions, suits, and complaints.

9. Collection History

A detailed history of collection actions launched against the applicant.

10. Bankruptcy History

Examination of Government records to determine history of bankruptcies and consumer proposals under the Bankruptcy Act.

11. Legal Actions and Judgments

Detailed particulars of pending legal actions and judgments obtained against the applicant.

12. Media Search

In-depth media monitoring includes full-text news, business sources, and blogs extracted from major Canadian dailies and newswires, regional community papers, TV and radio transcripts.

13. Global Terror Watch lists and OFAC/SND Violations

Confirmation of matches on Foreign/ Domestic sanctions and watch lists.

14. Confirmation of Assets

Verification of assets including bank account balances, investments, business interests and ownership in real property.

15. Confirmation of Liabilities

Verification of liabilities including credit card balances, mortgages, term loans, lines of credit and leases.

16. Banking Relationships

Validation of banking relationships and respective account balances.

17. Disclosure of Derogatory Credit Information

Summary of critical credit information including late payments, NSFs, collection claims, legal actions, judgments, and bankruptcies/ consumer proposals.

At Quality Credit Reporting, we offer a variety of credit reports to help ensure that your company receives the information it needs to make the most informed decision.

If you would like to find out more about our comprehensive reports and how they can help you minimize risk, contact us today!

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By Sue McConnachie

Quality Credit Reporting is North America’s premiere credit reporting agency, committed to providing unparalleled, high-quality reports and services.

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