Reply to: Credit Checks on Contractors

[Svalbaard]

I'm currently at a global insurance company and I was credit reference checked and I thought this quite reasonable considering the area I am delivering projects for.

[Liability]

Dear All

Is there any legality for a Client to make complete credit checks against a contractor including the abmount of credit you owe.

From what I have received there is an ultimatum either you complete it or you have to leave .

Regards

JF

Yep - my current one did a Credit Check, BV? Check as well.

[EternalOptimist]

is there any legality in it ? - yes

[HairyArsedBloke]

And who dipped their fingers in the till in the first place?

The Snot Goblin

[Sysman]

I know that Finance gigs sometimes ask for it - it's to check that you won't be tempted/blackmailed to dip your fingers into the till...

There's a potentially very serious problem lurking here.

1. Bank / Madoff / Iceland goes bust
2. Your savings get frozen or are lost forever
3. Due to the downturn there isn't any work
4. Your credit record gets a hammering
5. No chance of a job (due to d.) to repay your debts

And who dipped their fingers in the till in the first place?

[dinker]

Banks will usually do this when you join /start a contract - from your post it seems that you are half way through one? What is the reason for the check? Sounds odd half way through a gig.

Someone`s grassed you up.

[Paddy]

I told well know agent that I would run a credit check on his agency after he said he wanted to pay me monthy. His reactioin was

[Jubber]

Dear All

Is there any legality for a Client to make complete credit checks against a contractor including the abmount of credit you owe.

From what I have received there is an ultimatum either you complete it or you have to leave .

Regards

JF

Banks will usually do this when you join /start a contract - from your post it seems that you are half way through one? What is the reason for the check? Sounds odd half way through a gig.

[pmeswani]

Dear All

Is there any legality for a Client to make complete credit checks against a contractor including the abmount of credit you owe.

From what I have received there is an ultimatum either you complete it or you have to leave .

Regards

JF

I start credit checking agencies. I would expect no less in return. If you have something to hide, then don't work in an industry that requires a credit check.

[Mich the Tester]

Makes me laugh softly when I see that happening.

I made about 400,130,000 euros more profit than ClientCo last year.

[threaded]

I know. My credit rating's better than theirs.

Makes me laugh softly when I see that happening.

[Mich the Tester]

It's standard policy for financial institutions to run a full credit check

I know. My credit rating's better than theirs.

[realityhack]

It's standard policy for financial institutions to run a full credit check on potential contractorcos and permies.

[Durbs]

Its a valid request. Companies credit check other companies all the time before dealing with them and you are effectively just a Co.

[Mich the Tester]

Yeah I got credit checked when my client was a bank, seems normal.

It might be wise to do a credit check on ClientCo and agent, especially if you’re working at a bank.