WC Publisher Jill Bloom is joined by owner of Pocket Protectors, Thea Dudley. Pocket Protectors does everything credit based, giving Dudley the nickname of “Credit Overlord.”
In this episode, Dudley explains the importance of “risk management,” and what contractors should do to manage who they work with.
“One of my tops things I am always beating on contractors about, and they are just awful about it, is doing some background research on the customers they’re doing business with,” Dudley says.
Dudley explains that it’s one thing to get a contract, but then you have to read it, you have to edit it, especially in our industry’s current state with material and labor shortage.
“Best advice: Pull a quick commercial credit report. Get that information.”
Pulling that commercial report will give contractors information on whether or not who they choose to work with are paying their subs, their trade vendors, if there are any federal judgement liens against them, and much more.
“You want to make sure you are working with someone who will pay you. Nobody wants to work for free!”
Maybe you’re a contractor who has never pulled a credit report before. No need to fear! In this episode, Thea tells you how to get started.
In Thea’s opinion, contractors don’t do a great job at protecting their rights.
“They don’t want to offend anybody. You guys are so worried about offending people, you’re not worried about people offending you. You’re not worried about people making sure that you get paid.”
Dudley also recommends ways to have a conversation in which you have to walk away from a job, without offending anybody.
By watching this quick 7 minute episode, or listening to the podcast here, or on Apple or Spotify, contractors will learn how to better protect themselves. Dudley wants to help you do that. If you have any questions or need help getting started pulling credit reports, you can reach out to her at firstname.lastname@example.org.