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Credit Management

Equifax launches real-time blended consumer and commercial data service to improve lending decisions

By CreditMan Monday, August 24, 2015

Equifax, the consumer and business insights expert, has launched a solution that provides real-time, integrated data on companies and the individuals who own and run them. Equifax Business Insights assists businesses in making more robust, timely and secure decisions about companies they lend or supply to, reducing reliance on costly manual processes.

The new service allows organisations such as banks, financial institutions, commercial lenders and SMEs such as trade suppliers to better assess lending risks, underwrite credit, meet regulatory obligations and improve their overall profitability.

Equifax Business Insights can provide access to commercial and consumer data* including current and historical financials and accounts, County Court Judgements, commercial agreement payments, directors’ information, existing credit scores and credit limits. Insights from this data can help organisations assess the risks of dealing with new business customers by verifying the identity of owners and directors, as well as to undertake anti-money laundering (AML) checks.

Nic Beishon, of Equifax Business Information UK&I, said: “Increasing lending to smaller businesses is an important step in the UK’s economic recovery but the SME sector has notoriously been one of the most challenging to underwrite and lend to securely. There is a perception that information on smaller commercial businesses and the people behind them either doesn’t exist or is hard to find. This means that lenders simply don’t look for it. However, this information is likely to be available and our solution, Equifax Business Insights, is designed to provide access to this data.

“Equifax Business Insights provides a depth of information needed to conduct identity checks on businesses and inform an organisation’s lending decisions, while at the same time reducing reliance on manual checks. The insights provide a comprehensive view of a business, allowing organisations to make informed and faster business decisions based on combined, detailed commercial and consumer data analysis.”

*The data is collated using sources including Companies House, Registry Trust our directory information partner and legal notice data providers.