Information includes commercial writs, judgments, security agreements, and other public data. Quebec boasts 25 percent of the businesses but operates under Napoleonic law, which complicates matters. Deemed too expensive, audited financial statements are unusual. Financials reviewed by an accountant may not be accurate. Equifax dominates the market for consumer reports, which are only available for the purpose of granting credit.
Some provinces require the consumer be notified when a credit report is requested.
With the increase in small start-ups, credit managers should watch out for a blending of personal and business information. As in any country, some businesses try to avoid paying, especially foreign accounts. Bad checks are considered a criminal offense but laws are rarely enforced. Owens OnLine, Inc. a worldwide credit reporting agency, providing credit reports and directories on Canadian companies. The Credit Manager is an eight page, monthly newsletter serving the commercial credit and collection community.