ᐅ Developer with poor credit rating

11ant schrieb:

And it doesn’t say who it applies to? — that almost borders on defamation if it’s not clearly stated there.

...I checked again. It says that there are negative reports from public records regarding the managing director. Does that make a difference?

Prosperity schrieb:

It is stated that there is negative information about the managing director from public registers. Does that make a difference?

So what is it exactly: are there negative reports (meaning that there are NO entries) or are there actual entries? – because those would be the opposite!
In a report about my company, it was also stated that there were entries related to a company officer (specifically that I had previously been involved in management of a company that went bankrupt – this is just a cross-reference that is factored into the overall score but does not directly concern the company itself). By the way, the score also takes into account the area where the company is located (in mixed residential and commercial streets, if many neighbors have issues, the rating will be lower, etc.). The default probability is also influenced by the industry. Financial statements don’t tell the whole story, but usually provide more information than the credit report. Interestingly, a mailbox construction developer can appear in a better position than one who is also a contractor with various leased vehicles and machinery. These reports are not easy for laypeople to understand or clearly organized. But what your financing bank thinks of your general contractor is usually based on a more precise risk assessment.

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Hello,

have the developer provide a bank guarantee. That will ensure everything is fine.

11ant schrieb:

So, which is it: is there a negative report (meaning NO entries are found), or are there entries present? That would be the exact opposite!
In a report about my company, it also stated that there were entries related to a company official (namely that I was previously involved in managing a company that went bankrupt – this is just a cross-reference that is factored into the overall rating but doesn’t directly concern the company itself). By the way, the score also takes into account the location of the company (in mixed residential and commercial areas, especially when many neighbors have satellite dishes on their TVs, the rating tends to be lower, etc.). The default probability is also influenced by the industry sector. Financial statements don’t reveal everything but usually provide more insight than the credit report. An address-only property developer can actually appear more favorable than one who is also a general contractor and leases various vehicles and machinery. These reports are generally not easy for laypeople to understand or straightforward. However, what your financing bank thinks of your general contractor is likely based on a more precise risk assessment.

Thank you very much for the information! It turned out that he had previously started a company that had to file for insolvency. The IFB Bank confirmed to us that they do not do business with the contractor and appreciated that we obtained the company’s credit report.