Difference between revisions of "Accounting Finance:Equifax and Trade Reference Checks"
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*Request a trade reference check |
*Request a trade reference check |
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| − | ==Turn around period |
+ | ==Turn around period== |
*No account should be set up without prior approval by management |
*No account should be set up without prior approval by management |
||
*All credit checks should be completed with 2 business days '''(48 hours)''' |
*All credit checks should be completed with 2 business days '''(48 hours)''' |
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| + | |||
| + | ==Credit Report Requirements== |
||
*Shareholders – all checks are required (consumer, business, bank, and trade references) |
*Shareholders – all checks are required (consumer, business, bank, and trade references) |
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| − | *Customer/Associate Member: |
+ | *Customer/Associate Member: |
**'''Equifax score (0-20)''' → only consumer and business credit reports are required |
**'''Equifax score (0-20)''' → only consumer and business credit reports are required |
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**'''Equifax score (21-30)''' → all checks are required |
**'''Equifax score (21-30)''' → all checks are required |
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**'''Equifax score (>31)''' → applicant rejected unless approved by management |
**'''Equifax score (>31)''' → applicant rejected unless approved by management |
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**'''No Equifax report''' → bank and references checks are required) |
**'''No Equifax report''' → bank and references checks are required) |
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| − | *GA & GSA → all accounts ''less than'' 1 year in business are required to submit a GA & GSA. This is required before we set up and generate a customer number |
+ | *GA & GSA → all accounts ''less than'' 1 year in business are required to submit a GA & GSA. This is required before we set up and generate a customer number |
| + | |||
| + | ===Reports & Services Available=== |
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| + | *Consumer Credit Report $9.50 (credit reporting on principals of company). Report is available via Equifax internet and downloaded by user. Billed at the price per report |
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| + | *Commercial Credit Report $29.90 (credit reporting on company). Report is available via Equifax internet and downloaded by user. Purchased as a block of 50 reports annually |
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| + | *Single Item Report $14 (verification of a single trade reference, bank reference or other information). Guaranteed 72 hour service and is billed at the price per report |
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| + | *Full Investigative Report $50 (one bank, three trade supplier experiences, principal interview or a corporate search and the contents of any credit report that may already be available on the database). Guaranteed 72 hour service and is billed at the price per report |
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Revision as of 12:33, 10 April 2017
Overview
This article will show step-by-step procedures on how to:
- Print a consumer credit report
- Print a business credit report
- Request a single item report
- Request a full investigative report
- Request a trade reference check
Turn around period
- No account should be set up without prior approval by management
- All credit checks should be completed with 2 business days (48 hours)
Credit Report Requirements
- Shareholders – all checks are required (consumer, business, bank, and trade references)
- Customer/Associate Member:
- Equifax score (0-20) → only consumer and business credit reports are required
- Equifax score (21-30) → all checks are required
- Equifax score (>31) → applicant rejected unless approved by management
- No Equifax report → bank and references checks are required)
- GA & GSA → all accounts less than 1 year in business are required to submit a GA & GSA. This is required before we set up and generate a customer number
Reports & Services Available
- Consumer Credit Report $9.50 (credit reporting on principals of company). Report is available via Equifax internet and downloaded by user. Billed at the price per report
- Commercial Credit Report $29.90 (credit reporting on company). Report is available via Equifax internet and downloaded by user. Purchased as a block of 50 reports annually
- Single Item Report $14 (verification of a single trade reference, bank reference or other information). Guaranteed 72 hour service and is billed at the price per report
- Full Investigative Report $50 (one bank, three trade supplier experiences, principal interview or a corporate search and the contents of any credit report that may already be available on the database). Guaranteed 72 hour service and is billed at the price per report