Your banker can be an excellent source of information when establishing credit for new customers.
Your banker is legally able to assist you with credit inquiries regarding your customers since the quality and collectability of your accounts receivable impact your own company’s credit risk to the bank. In fact, many banks require your credit officer to get D&B’s or other credit reports on your major customers as part of their standard procedure!
A friendly phone call to your banker asking their assistance with the credit worthiness of a potential customer is considered good business. Ask for insufficient funds history on checking accounts, credit availability, credit outstanding, and loan performance.
