What is a Business Credit Check?
When should we use it?
Our business credit report that is often used to get a quick snapshot of a company. Most of our clients use it as a prescreening tool.
Why does it seem like all business reports are unreliable?
If you have any experience with credit reporting for businesses, you have probably noticed they are nowhere near as accurate as an Equifax, Experian or TransUnion report for consumers. This is a result of our society not having laws in place to govern how information is reported on companies. The Fair Credit Reporting Act (FCRA) was passed in 1970, making consumer reporting reliable. The FCRA strictly regulates the collection of credit information and the access to credit reports to ensure fairness, accuracy, and privacy of personal information contained in the files of the credit reporting agencies. Until laws are in place dictating how entities report information on businesses and we have a governing body to enforce them the system will be broken.
How is RLI different?
We reinforced our data with 3rd party intel that enhances our level of accuracy when assessing a business. Much of this information comes from collection agencies and law firms that have partnered with us to help protect their clients from potential pitfalls. They gain intimate knowledge about a subject through their collection pursuit which serves as a terrific screening system for the next person, you. By coupling this information with our analytics we can ensure more factual reporting than our competitors, giving you a better opportunity to protect yourself. Already, our database contains details on over 280 million entities in 17 countries and growing. With the use of Ridgeline Investigations, you will be able to conduct business with confidence.
What information can I get from a Business Credit Check?
Before extending credit, learn their limits and spending habits. Before signing terms, review their derogatory accounts and their payment trends. Before perusing litigation, appraise their assets, check for tax liens, judgments, and bankruptcies.
How accurate is the Credit Report?
Please be mindful, although our credit check is a great product it has it's limitations. If you need absolute certainty about a business you need to upgrade to a Business Assessment. It is the only way to get a complete picture of the company in question without the subjects knowing.