How to Check Your Suppliers’ Credit for Free
BCR has launched a new service that enables companies to check their suppliers’ credit for free. Yes, FREE.
You depend on your suppliers to deliver the goods and services that drive your business. If they are unable to meet your business’ needs, your customers may be impacted, which has an adverse effect on your brand and your bottom line.
The costs of running credit on potential vendors can add up quickly. In addition to the cost of actual credit reports, processing each one requires valuable time from your staff. Why not pass this cost back to the purveyors that are courting you?
The process is simple, actually. When a company applies to become a supplier, you provide them with a link to order supplier credit reports on their company, which are then automatically shared with you. You choose which reports you want the applicant to purchase and since they are delivered directly to you by BCR, you know they are authentic. The applicant also receives a copy of their report, which provide them with insights that can help them to strengthen their business.
BCR offers four different supplier reports that you can ask your applicants to order and share. The Supplier Intelligence Pro report includes the company’s DUNS Number, credit scores, demographic information, payment history, collections, public record information, UCCs, corporate linkage information, financial statements and more from multiple leading credit bureaus Experian, Dun and Bradstreet, Equifax and other sources. The reports also include fraud flags, Google Maps information and free monitoring for 12 months.
This new service also acts as a pre-screen tool, which saves you from wasting time reviewing applications from companies that would not qualify. Companies that know they have a poor payment history or recent derogatory activity are not likely to take the time and incur the cost of ordering a credit report for the purposes of applying to be your supplier. Only serious applicants that are confident in their credit record will apply to be a supplier or service provider of yours.
So, instead of absorbing the cost of pulling credit reports on your potential suppliers, try having them pull their own report through BCR and we’ll share it with you.