Commercial - Construction Credit Solutions
In the construction industry many times you face last minute orders for materials, or requests for your company to work on a particular project. Sometimes these requests sound too good to be true. CrediFacts has developed Project Vista Profiles to provide you with a snap shot of your potential new customer and the project on which you may be tendering. Make an informed decision by doing your due diligence prior to beginning work with a Project Vista Profile.
So why gather information? There are numerous reasons to gather information before a construction project commences: Know exactly who your customer is in the event you have to issue an adjudication notice under the new Construction Act, or if you have to issue a construction lien, commence 3rd party collection or possibly commence with a legal action. It is absolutely essential you have your customer's exact legal name and address. It is also nice knowing before you mobilize to the project if your new customer has financial issues and/or if there are any existing project issues you should be aware of. When determining the credit worthiness of your new customer quite often we hear "well we can always lien the project if the customer does not pay". Construction liens should never be considered a credit granting tool when making the decision to extend credit terms or not.
Project Vista Profile reports will reveal who your customer is and it provides an overview of a construction project. Vista usually includes the names of the principals, financial details, supplier payment trends, credit worthiness, provide any potential liens, 3rd party collection or any historical / pending litigation matters. In some cases Vista will also be able to provide bonding information, payment certifier, other trades / sub-contractors on the project, whether a WSIB clearance certificate can be issued and property address.
Project Vista Profile