"Do not buy" list

noproblembuddy

noproblembuddy

Site Supporter
Sep 14, 2009
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Peterborough ON
www.ratenroll.com
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Does anyone know if there are freight brokers/carriers who sell freight that are on almost everyone's "do not buy" list for factoring?

Thinking this would be a good way to know if a broker should not be used. If a factoring company won't deal with them, you know it's going to be a problem.
 
I own a factoring company and can tell you we do not maintain a specific "Do Not Buy" list. Rather, we run individual credit and legal checks on all new clients and credit checks on their customers. We use the usual credit rating agencies as well as our own internal historical info. This gives us a pretty complete picture of the client and their customers. Since it is done on a case by case basis, we do not have a Do Not Buy list to share with you. Hope that helps.

On the other hand, if you need factoring services, we can definitely help!
 
We deal with Accutrac Capital and they do supply us with a do not buy list which is very helpful, but I would imagine that it only covers companies they have had a history with.
 
I have to say that the credit check part of Riviera's website has pretty much made 2 out of every 3 brokers I speak to as "declined", which has made my search for LTL from Texas problematic to be polite. The good news is that now I know that some brokers and carriers I thought were reputable are actually declined by Riviera, which means that if a factoring company can't collect from you, there's no sense in doing business with them.
 
Does there website tell you they start counting days from when the load was picked up not delivered and RECIEPT of invoice. There may be some good factors out there never used any but their systems of how they keep track of payment terms is a joke.
 
The good news is, some carriers (and people in general) do not trust the 'systems in place' and check it out before making calls...

I've an example for you: I've got a shipment which delivered Friday June 24th (and several more on the same lane with the same provider). I've yet to receive a POD and invoice for any of the shipments. Of course no one is calling asking for payment although in this case it delivered long ago. Several of our staff (myself included) have called this provider asking please for BOL's and to kindly invoice us for work well completed...

I will not mention the provider as they are a member here but I would love a POD and invoice as we need those to bill our customers too...

Keep well,

Mike
 
noproblembuddy,

The fact that Riviera declined a company does not necessarily mean that they have bad credit. I stopped paying Riviera and cut them off long ago. It was due to their practice of holding the carrier's invoice for a couple of weeks before sending it to the paying party, then reporting the payment as severely late to Equifax. They made a couple of inacurate posts to my credit file and I told them and their carriers that I would be paying the carrier direct from now on. So... My company is probably on their "declined" list but that was my decision not theirs.

There are probably other companies who refuse to deal with them as well...

noproblembuddy said:
I have to say that the credit check part of Riviera's website has pretty much made 2 out of every 3 brokers I speak to as "declined", which has made my search for LTL from Texas problematic to be polite. The good news is that now I know that some brokers and carriers I thought were reputable are actually declined by Riviera, which means that if a factoring company can't collect from you, there's no sense in doing business with them.
Click to expand...
 
do not buy list

Our list from our factoring company does include companies that have good credit but decline to do business with a factoring company. Luckily they do have them listed separately under such headings as poor credit, does not deal with factoring companies, not enough information on them to extend credit etc rather than lumping them all under the bad credit heading. We still check companies out and will take loads from companies that the factoring company has declined for reasons other than bad credit
 
IPS offers its clients a online account where they can see a list of all the payers that they have done business with and what their status is (hold or active). Sometimes though not all companies on hold are necessarily bad. Theres been times where the company on hold does not deal 3rd but IPS tells us that when we call.
 
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