okay guys in this module module number we will be discussing the different types of uh packets so pay close attention as always and let's try to get the most out of the material all right so there are when it comes to brokering there are two types of packets okay you have what is called a carrier packet and um this can also sometimes be called a broker packet okay carrier or broker packet I know that's confusing but just follow me okay um so this is one type of packet the other type of packet would be what's called a customer packet or even a shipper packet, okay? So there's a lot of different names for these type of packets in the industry. I don't want you to get confused by them. That's why we are just going to kind of break them down one by one. So you understand what they are. And in case somebody says, oh, we're going to send you a carrier packet or a broker packet, or you're not confused because even though whatever name they call it, you will understand what it's for based on the situation that you're in. Okay. So Let's first talk about a carrier slash broker packet, okay? So with a carrier packet, in some cases, a carrier packet might be called a broker packet, okay? Brokers send a collection of documents in a package to facilitate carrier setup and to approve them to haul freight. The carrier fills out the various contracts and documents, contracts or agreements, okay? Carrier broker agreement or contracts, whichever you want to call it. So, excuse me, the carrier fills out that and documents and returns them to the broker, okay? Each packet includes the same essential forms and agreements, okay? if a necessary form contract or agreement is missing the packet is considered incomplete and you will not have the data that you need to onboard that carrier okay or communicate ex um I'm sorry, communicate expectations and ensure compliance with regulatory entities. Okay, so you must make sure that if you are providing a carrier or broker packet to a carrier that they fill it out in its entirety. Okay. Carrier packets request from the carrier their W-Nine, their insurance, their authority, and a signed agreement or contract between the broker and the carrier, okay? So that is what a carrier slash broker packet is, okay? Now, let us talk about customer or shipper packets, okay? customer packets are provided to shippers for the purpose of setting up credits and providing payment information for services rendered by the brokerage so a customer packet or a shipper packet is normally going to include a credit application okay for the shipper so you can check their credit it's and then it's going to provide the brokerages w-nine insurance in authority as well okay those are things that the shipper needs in order to pay you for services rendered okay so Now that we understand that, there's one last piece to this equation. As a broker, like I say, you're going to need to check credit for your shipper. You're going to have your shipper fill out a credit application so you can see how credit worthy they are, which means you want to know if they are making their payments for services rendered on time. OK, because if not, you may or may not want to do business with them. So the question then becomes, how do I check business credit? And the way that you do that, guys, is by utilizing what's called a credit reporting agency, okay? Now, a credit reporting agency is a business that maintains historical credit information on individuals and businesses, okay, aka shippers. They receive reports from lenders and various other sources compiled in a credit report that includes a credit score when issued. So the way that you would want to check credit is by utilizing an agency of your choice when you're setting up with the shipper to make sure that that shipper is going to pay you on time. So the three biggest reporting agencies are going to be Dun & Bradstreet, Equifax, and Experian. If you're wanting to use one of the bigger credit reporting agencies, you can certainly utilize these guys and make sure that you're getting accurate information on any shipper that you have intentions of setting up with and doing business with. That is going to conclude the end of this chapter, guys. As always, I want to thank you for your time. And I will see you in the next video. Okay, guys, thank you for joining us for that module that shows you how to go about checking the business credit of a potential shipper. And that's an important step. There's other means to check the credit of a shipper that we will discuss in later training modules. But that is one way to do that. And that is very important that you follow through and take the time to check the status or the credit rating of a shipper. That ends this module.