Today, there are many commercially available Due Diligence products that can produce reports and assist in vetting individuals or companies as prospective business partners or clients.  These databases aggregate information from various sources and some examples include Nexis Diligence, Company Investigator (Westlaw), SmartLinx® Person Report (Lexis), Accurint (Lexis), and TLOxp (TransUnion).   

While these Due Diligence products have come a long way and are a good starting point, they should by no means be an end point.  The expertise of a Law Librarian/Information Professional should be leveraged to thoroughly review the reports, conduct additional online searches to vet companies and individuals, summarize findings, and highlight red flags or potential issues.  

There are many reasons why you shouldn’t solely rely on reports from these Due Diligence vendors.  Here are just a few reasons why: 

•  A comprehensive report on an individual or company may produce unwieldy reports that contain a lot of extraneous information (for example: Neighbors, fishing licenses, motor vehicle history, etc.).  If the proper search criteria isn’t selected, it may be difficult to identify red flags buried in long reports. 
• You always want to perform a Google Search as well as a Google News search on an individual or company to search for anything online or any negative news that might be a red flag.   
• The same names can yield incorrect public records results in reports so it’s critical to carefully review reports when dealing with a common name. 
• These reports aren’t exhaustive in terms of an individual or company’s litigation or criminal history.  In some cases, you may manually need to search local civil and criminal databases depending on where the company or individual is located. 
• You will want to perform a social media search on Facebook, Twitter, Instagram, etc. to check for anything controversial online. 
• As these reports don’t capture a company’s reputational reviews, you may want to search The Better Business Bureau, Yelp, Google reviews, etc. 

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By creating a standardized process for vetting new clients and business partners, you can ensure that the same content is checked and reviewed for consistency for each new client or business partner.  Accufile’s experienced AccuDesk researchers and other information professionals can provide Due Diligence support to your firm or company.  Learn more here about our due diligence research and business development support.