Businesses across Canada will be able to manage risk far more effectively and make credit decisions with even greater confidence when Equifax adds bank data on small and medium businesses to its commercial database this summer.
The addition of this data – which comes from Canada’s largest financial institutions and is comprised of information on a small company’s loans, lines of credit and business credit card information as well as its ability to pay its bank obligations – is welcome news for companies needing to improve their credit risk assessment of businesses in their supply chain or in accepting these businesses as new clients.
“Our clients have expressed their desire to significantly reduce their turnaround times and costs associated with largely manual processes in approving credit. They have asked for ways to improve their customers experience and win more business in their highly competitive industry verticals. By adding this very important bank data we will substantially improve commercial risk information and enable our clients to deploy more responsive commercial credit risk policies,” explains Lisa Nelson, President, Equifax Canada.
The combination of Equifax’s rich and robust historical commercial database with bank information on small and medium businesses allows our clients to gain a 360 degree view of the companies with whom they want to do business. Early testing with Equifax clients indicates that the combination of traditional commercial trade data with banking data can significantly enhance the ability to predict commercial risk. No other business information provider can offer this breadth of information and that makes Equifax Canada the premier provider of commercial risk intelligence.
Risk managers will be able to get a more complete picture of an organization’s financial health through an understanding of cash flow and how well a customer pays its invoices and uses its line of credit. “Understanding a company’s ability to pay their financial obligations can ultimately provide our clients with greater leverage and insight when negotiating payment, reducing Days Sales Outstanding (DSO), or determining the terms of a deal,” says Ms. Nelson.
Equifax clients can access this detailed credit risk information through the Equifax Business Credit Report™ and immediately leverage this new data for commercial credit assessments and policies as well as determine the risk exposure of their existing account base. In addition to the new credit risk information, which is coming this summer, this report gives our customers immediate access to rich and varied information like business identification, payment trends and legal, lien and collection details. The report includes predictive risk scores and proprietary indices to help evaluate risk; industry and trade details to help assess financial health; and graphs and highlighted areas which make the report easy to read and navigate.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data; its expertise in advanced analytics to explore and develop new multi-source data solutions; and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2014, Equifax was nominated as a Bloomberg BusinessWeek Top 50 company; its CIO was listed as one of the top 100 by CIO magazine; and the company was named to the Fintech 100 list. It was recognized as a top 20 company to work for by the Atlanta Journal-Constitution, and was named a 2014 InformationWeek Elite 100 Winner. For more information, please visit www.equifax.com
© Equifax Canada 2015. All rights reserved. Equifax and EFX are registered trademarks of Equifax Canada Co.
Equifax Business Credit Report™ is a trademark of Equifax Canada Co.
SELECT Public Relations