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A Construction Credit Report should be ordered under the following circumstances:
- Considering a new account for credit
- When there is a delay in a construction project
- Payment patterns change with an existing account
- If a new customer is looking for an increase in credit limit
or change in management
- When credit exposure is significant, credit review should be considered regularly
Every Construction Credit Report contains:
- Legal Entity Name verification in Government Record
- Detail including date of incorporation, start date, line of business, and form of business (i.e., corporation, sole proprietorship)
- Corporation background detailing any ownership changes, historical data and any other customized investigations as requested by the credit grantor
- Principal(s) of the organization are listed indicating their current position and any other or previous positions held. This enables the reader to identify principals that may have previously been associated with bankrupt companies
- Affiliated concerns, start date, and record of legal actions are indicated
- History of projects, including value and participation to provide the reader with size and scope of the organization
- Unique to Lumbermen's is a current banking report including a two-year banking history reflecting any changes, positive or negative, in the financial health of the subject company. This includes NSF history, changes in line of credit and current account balances
- Trade and supplier references are submitted daily and monthly for an accurate and objective view of a company's payment habits. Each month, the outstanding balances owed to each supplier are itemized and aged by current, thirty, sixty, and ninety days plus periods
- Other sources are contacted for additional payment habit, including other financial institutions, leasing companies and additional trades
- Lumbermen's maintains a five year record of legal items obtained from banking, third party agencies, and government records. These item include returned cheques, statements of claim, liens, third party collections and court orders
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