Accounting Finance:Equifax and Trade Reference Checks

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)

Equifax Details

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

Easy Access to Equifax

• 1.877.254.3263 (bank verification and investigation)
• 1.877.227.8800 (customer service)
• 1.514.493.2401 (fax number)
• 1.877.257.2090 or cast.ca@equifax.com (general inquiries)
  • Note: ask for a reference number when calling in case you need to follow up later
  • Be ready with our uniPHARM Equifax member number: 201WD00143

Logging on to Equifax

1. Go to Equifax
2. Enter Client ID → UNIPHARM
3. Enter User ID
4. Enter Password
5. Click Sign-on
6. Click Continue

Consumer Report

A consumer report is used to check into the credit history of an owner of a company. We do not perform a con

• Click Report under the Consumer Header in the left column.

• Fill in all the required fields and any additional information
• Click Submit

• Print and review the report. Under the Trade Information header, check the rating
  • If the rating is R1 → proceed to do the commercial report
  • If the rating is greater than R4 → proceed to do a bank verification and 2 trade references (done independent of Equifax).
  • If this is for a shareholder → do a commercial report as well as a bank verification and 2 trade references

Business Credit Report

• Click Business Credit Report under the Commercial Header in the left column.

• Fill in all the required fields and any additional information
• Click Submit

• Double-click the correct company. Check addresses to confirm company.
• If the business credit report score is:
  • 0-20 (low to average risk) → no credit checks are required
  • 21-30 (above average risk) → a bank reference and 2 trade references are required and must be sent out immediately. Follow-up is required until we receive them back.
  • ≥ 31 (high to highest risk) → the applicant is automatically rejected unless approved by management
  • No Equifax report → a bank reference and 2 trade references are required
    • Fairly new customers or shareholders may not show up on the system

==Single Item Report

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• For verification of a single trade reference, bank reference or other information
• Click Investigation under the Commercial Header in the left column.

Requester Information

• Fill out all required information (no need to fill out the principal suppliers section)
  • Can we call the company→ No
  • Can we call mention your name?→ No