A credit report is a collection of information that details a company’s, or individual’s, financial and credit history. It provides a risk assessment tool when you are considering commencing business opportunities with vendors, manufacturers, customers, agents, partners, prospective tenants, franchisees, etc.
While both investigative and database approaches will help you and your company evaluate risk, the two methods of credit reporting differ in many ways.
Specifically, database style credit reports draw from historical information to offer a snapshot of a company or individual’s situation.
Investigative-style reporting, on the other hand, takes a more detailed look at a person’s or company’s overall position – past, present and future.
Investigative credit reports will consider the information available in databases and financial statements, but, depending on the purpose of your report, you will also receive current and more comprehensive information on the company's/individual’s:
Current Business Name Status
Professional Accreditation Search
Current Bank Rating
Current Landlord References
Current Supplier References
Land Title Sub - Search
Personal Property Lien Registrations
Commercial Bankruptcies / Proposals
Debt Consolidation Orders
Drivers Abstract Records
Criminal Record History
Legal Actions, Judgments, Collections
Additionally, investigative-style reports will help you draw more sophisticated conclusions and identify any worrisome patterns that could have an adverse impact on your business.
Ultimately, while traditional database reports and financial statements provide insight into a company’s or individual’s credit-worthiness, they do not offer the same in-depth information that can be gathered through a more investigative-style approach to credit reporting.
By opting for a more thorough reporting process, you can feel confident that the details you receive are up-to-date, relevant and verified, allowing you to make the best decision possible.
At Quality Credit Reporting, we take an investigative approach to every file and find the most valuable, credible and current information possible to help our clients. QCR does not rely solely on traditional database reports that provide just a snapshot of a company’s or individual’s situation.
We generate flexible, in-depth credit reports that provide valuable insight and ensure you get the information you need to make the best decision for your company, eliminating risk and increasing success. Want to learn more? Contact us today.