Equifax launches lending risks product
Equifax Business Insights is aimed at banks, commercial lenders and SMEs such as trade suppliers to speed up the decision making process.
The service can provide access to commercial and consumer data including current and historical financials and accounts, County Court Judgements, commercial agreement payments, directors’ information and existing credit scores and credit limits. It also undertakes anti-money laundering (AML) checks on owners and directors.
Nic Beishon, head 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.”
He added: “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.”