An essential tool in assessing the creditworthiness of any potential client, supplier, sub-contractor or private individual is the use of a Credit Check and Public Record Search – it means that you can protect your business by eliminating potential sources of bad debt before they begin. The FMB has therefore teamed up with leading Credit Reference Agency, Experian Ltd. to offer our members an invaluable Free Credit Check and Public Record Search Service.
There are two kinds of assessment available:
Comprehensive Credit Checks on limited companies and non-limited businesses are a valuable tool for your business. If you want to have a Free Credit Check carried out on a private individual, (which may include a company director or trader), this should only be done with that person’s written permission, after he or she is made aware that the FMB will be carrying out the Credit Check on your behalf. Failure to comply with this requirement will incur legal penalties for those seeking the Credit Check and will invalidate our contractual agreement with Experian Ltd. The law therefore specifically prohibits anyone from undertaking ‘sneaky’ checks – and all Searcher and Credit Checks undertaken by Experian Ltd. are formally recorded. Further request Forms for Free Credit Checks and Public Record Searches are available from the. Finance Department and must be completed and returned before the enquiries can be carried out.