Posted by webslut on April 04, 2004 at 15:36:41:
In Reply to: online credit report posted by Daisyif yado on December 14, 2003 at 09:24:27:
EQUIFAX EXPANDS COMMERCIAL CREDIT OFFERINGS
Data Sharing Agreement Helps Credit Grantors Mitigate Risk
Atlanta, GA, July 30, 2002 - Equifax Inc. (NYSE:EFX) today announced it has expanded its U.S. commercial business by offering detailed reports on small businesses that include both bank payment performance data -- information not currently being provided by traditional commercial repositories -- and non-banking trade receivable histories. This new offering will empower credit-grantors to make better-informed decisions when working with small businesses and helping to check credit report information.
Through a data sharing agreement with the Small Business Financial Exchange (SBFE), a member-owned proprietary free credit report database containing information on bank and other credit experiences, Equifax has created a new unique database containing loan, credit card and leasing history as well as accounts receivable performance. More than 40 companies have agreed to provide data and have submitted receivables information to Equifax, supplementing the 30 SBFE member companies already providing data. Combined, the two databases will have over 20 million financial records representing approximately 10 million small businesses in the U.S.
"This is the first time Equifax has linked its proprietary databases to create a combined small business report for free onine credit reports," said Dann Adams, senior vice president, Equifax. "With this solution, companies that lend to small businesses have the ability to get a better overall picture of their financial health. This is critical not only for banks and financial institutions, but any company that assumes risk by extending trade credit to small businesses.
"This new data has never before been available to credit managers and will provide a huge lift in confidence and accuracy in setting credit lines and terms on their small business customers," said Adams.>
Marc Bernstein, executive vice president and Business Direct division manager for Wells Fargo Bank and the president of the SBFE says, "With the data sharing agreement reached between the SBFE and Equifax, the small business lending community will now have a single source from which they can access small business credit report information from banks, leasing companies and trade suppliers. Equifax has proven to be a valuable partner and has demonstrated its commitment to the small business lending industry."
Reports based on the SBFE banking and financial data are available today. More extensive reports encompassing the additional industry data already submitted will be available in October 2002. Enhancements under development include scores, public record data, monitoring services and a blended commercial and consumer score.
Separately, Equifax also announced the extension of its data management contract with the SBFE for an additional three years.