How Consumer Reports Protect The Construction Supply Industry

If you work in the construction supply industry you’re in the unenviable position of facing even more challenges than most other businesses.

Not only do you have to contend with the UK’s economy, which we all know is dismal, and the insolvency rates in the construction industry, which we all know are huge, but also with rampant levels of fraud and theft, which we all know the police do very little to protect you against.

Unfortunately, you can expect little to no government support, rising crime rates and, with the recent contraction in the UK economy suggesting an impending recession, more bad debt.

Fortunately, there are several simple yet powerful steps you can take to protect your business.

One of the easiest, cheapest, and quickest being introducing consumer reports.

Lets look at why you should be using them.

Avoid losing money to bad debt

Perhaps the most obvious advantage of credit checking both individuals and businesses is that you avoid extending credit that people can’t afford to pay back.

Meaning you having to write off less bad debt.

Safer dealing with sole traders

Sole traders are the lifeblood of the construction industry and a lucrative market but often only the companies themselves are credit checked. To be safe you need to be also credit checking the sole trader themselves as their personal and business finances are combined.

Having personal credit checks in place means that you can easily avoid the risks usually presented by dealing with sole traders.

Set better credit limits

Credit isn’t one size fits all, some clients can afford more and some less, and treating all you potential customers the same means you’re either opening yourself up to unnecessary risk or lose potential revenue by refusing customers that are creditworthy but for smaller sums.

By using personal credit reports to create bespoke credit limits you are minimizing risk and maximizing opportunity.

They only take minutes

Personal credit checks take a few minutes and don’t require your customer to do anything other than confirm their details, which you need to take anyway.

For the sake of a couple of minutes, your ability to generate and protect revenue increases considerably.

Fight fraud

The chances are you’ve already been targeted by fraudsters, and if you haven’t you will be. Construction supply is one of the most targeted industries by fraud, which is the UK’s most common crime by a long, long way.

Personal credit checks are a great way to confirm a person’s identity and that they are legitimate, especially when paired with a digital identity verification check. There is also the added protection that because fraud is so easy to commit, criminals will generally move on as soon as they are faced with any anti-fraud checks.

At Red Flag Alert, we have created the ultimate risk and anti-fraud platform, giving you the ability to thoroughly vet potential clients and fight fraud with just a few minutes required per client.

To see how we will protect and let you grow your revenue, speak to one of our experts in the construction supply industry today.