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The Scoop on Credit Requirements for Competitive Bidding

Tuesday, January 24th, 2012

We recently heard that some suppliers are finding the rules for obtaining a credit report under Competitive Bidding a bit confusing. To help, we have put together a simple break down of the current credit report regulations below. 


Credit Report Clarifications for Bidding Suppliers

Lately there has been some confusion about how early or late suppliers are allowed to obtain a credit report and still participate in the competitive bidding program. Bottom line, the only current restrictions are that:

1)      Your credit report may not be dated any sooner than 90 days prior to the date the bid window opens, and

2)      Your credit report must be submitted before the bid window closes.


The 90 day rule only serves to prevent suppliers from submitting reports with outdated credit scores and does NOT mean that your report must be obtained before the bid window opens. To put it into perspective, if the bid window opens on January 30, 2012 as projected, then your credit report would need to be dated on or after November 1, 2011. According to the CBIC, credit reports prepared after the bid window opens will still be accepted, provided they are submitted before bidding ends.


Credit reports must contain a numerical score and be prepared by one of the following: Dun & Bradstreet, Experian, Equifax, TransUnion, or Standard & Poor’s. Credit reports from other companies will not be accepted. If a credit report is performed by Standard & Poor’s, it may contain an alpha score – THIS IS THE ONLY EXCEPTION! Any other forms of gauging credit other than a numerical score, such as arrows indicating relative value of credit or the number of days beyond term, are not acceptable.


If no credit report is available for the business, a personal credit report for the principal business owner is generally acceptable. However, this exception does not apply to businesses filing a regular “C” corporation tax return (Form 1120), unless the business is a newly-formed corporation.

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