There is a lot of information to consider when deciding whether to screen potential business partners, such as commercial tenants, franchisees, or OEM operators, whether it be in-house or through a third-party screening company.
While it may seem easy enough to screen a prospective business partner, it takes a specific knowledge and expertise to ensure that you are collecting the most valuable information, while also staying compliant throughout the process.
Without it, you could be opening your company up to risk. Quality Credit Reporting has created a list of six reasons why you should consider outsourcing your screening to a reputable credit reporting company.
1 - Increasing efficiency
Background checks are time consuming and complex. Conducting them internally can be a burden for your team, especially when it isn’t a task that they are responsible for on a day-to-day basis.
Credit reporting agencies specialize in screening prospective business partners, which means they have access to the tools and resources required to complete the task quickly and accurately.
2 - Ensuring compliance
Canadian credit reporting and privacy laws and regulations are always changing, making it difficult for any business to stay on top of everything they need to know to remain compliant. The same goes for screening your business partners.
If you do not follow the correct processes and procedures, you risk becoming non-compliant. This could be costly to your wallet and reputation.
3 - Reporting objectively
Often times, when we screen our own business partners in-house, personal opinions and emotions can get in the way of objectively collecting information. By outsourcing your screening process to a respected provider, you can ensure that their information is free from bias, having never met with the prospective business partner.
4 - Accessing data
While there are some screening processes that are easily accessible such as calling references or reviewing social accounts, it is important to remember that the scope of your search is limited to what you can do on your own.
Conversely, third party screening companies have access to resources and databases that are not accessible to the general population and can screen your applicant on a larger scale (locally, provincially and federally). Not to mention processes that took time and experience to develop.
Also, due to agencies purchasing sources of information in bulk they receive lower pricing which is then passed on to the customer.
That means, by opting to outsource your screening process, you will benefit from additional sources of information that may provide you with a better picture of your applicant or potential business partner.
5 - Optimizing expertise
Like any industry, background screening requires specific skills, resources and knowledge. Even when you have enough staff to conduct in-house screening, often times it is not their core strength, making screening an inefficient use of their time.
By working with a third-party screening provider with a strong reputation, you will benefit from their expertise and experience in the screening industry.
6 - Protecting privacy
In today's world of technology, internet and social media, access to information is much easier than it used to be. However, with more and more laws and legislation coming forth to protect our personal information, there is also a greater risk of unintentionally invading a person’s privacy, which could lead to hefty fines and penalties.
By employing a screening specialist, you and your prospective business partner can feel confident that any information collected will be relevant and protected, allowing both parties to feel more confident throughout the screening process.
Outsourcing to the right company for you
When choosing a credit reporting agency to work with, it is important to ensure you do your research and select a reputable team that will help you make the best decisions possible, while also keeping you and your business interests safe.
As North America’s premiere credit reporting agency, Quality Credit Reporting is a trusted source for commercial credit reporting. For almost 3 decades, we have been providing customizable, in-depth reports using an approach that provides more valuable insights than traditional database reports.
Recognizing the time sensitivity issues of our clients, our sophisticated applications and technology allow us to provide quality reports quickly, while also meeting and exceeding industry standards and compliance.
To find out more about our commercial credit reports, or to find out how we can help you save time and money when screening potential business partners, contact us today.
Tags: Business Credit Reports
