Construction Credit Solutions
What's new in Construction Credit?
Prompt Payment comes to Ontario
New Laws in Place Effective: July 1, 2018 & Oct. 1, 2019
December 5, 2017 the Ontario Government passed legislation to improve the efficiency and competitiveness of the construction sector. The Construction Lien Amendment Act, 2017 is now law, however, the changes, not yet in effect, should go into effect throughout the 2018 construction season. The Construction Lien Amendment Act 2017 includes new prompt payment rules to ensure all Ontario construction businesses and workers within the construction industry will get paid on time for the work they do. These new changes will help modernize the lien and holdback process, as well as help protect creditors and establish a new adjudication process to help resolve payment disputes faster.
Commercial Credit Reporting
Credit Application Verification
Investigating your customer to provide real time commercial credit reporting so you can better assess the credit worthiness of your customer and minimize the potential credit risk you might encounter.
CREDIFACTS specializes in Construction Credit Solutions Commercial Business Reports and Ministry Searches.
Credit Support Services
Obtain the credit tools to effectively manage your accounts
Recognize & avoid a potential bad credit risk customer
Obtain the skills to assess the creditworthiness of your customer
Monitor & manage your ongoing receivables for a quick return
In today's competitive market, margins, price, quality, service are key factors in staying ahead of your competition, but today's economy has placed another competitive twist on companies; time. Everyone wants more time to pay their accounts.
The economy has pushed many companies to extend the time they will permit an account receivable to age in order to gain the edge over their competitors. By allowing more time for your customers to pay you, you eventually become your customer's bank, most times interest free. The longer the time permitted, the greater the risk, the greater the risk, the less likely you will be paid.
Consider the idea cash flow is the engine which drives businesses large and small alike. Past due accounts are the brakes which bring companies to a screeching halt.
Commercial Business Searches
Litigation,outstanding liens, judgments, and/or third party collections.
Bankruptcy Insolvency Corporate Profile Reports
Legal Business Name, Registration Data/Status, Company Type,
Registered Business Address, Registration #, Registered Directors/Address