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)

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