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Business Verification Solution

Reduce the potential risk of fraud by confirming the legitimacy of a business and the business owners
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Product Overview

In today’s dynamic marketplace new business applications are growing at an unprecedented rate. With the number of new applications increasing by more than 45% annually compared to pre-covid times, it has become more and more difficult for businesses to know who they are doing business with prior to forming a relationship. Having access to current and accurate business data is the key to quickly identifying legitimate businesses and reducing the potential risk of fraud.

Business Verification Solution

The Business Verification Solution is an online offering designed to help onboard new business accounts or vendors quickly. Through a rigorous validation process, Equifax will help confirm the business information provided matches verified data collected from a number of trusted sources, including:
 
  • Secretary of State
  • Bankruptcy
  • Public Records
  • Office of Foreign Assets Control (OFAC)
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Included in the Business Verification Report:

Business Verification Index

This index analyzes is the available information of the business and provides an assessment and the potential for fraud.

Company Profile

Includes information that most closely matches the inquiry information, including business name, legal name, address, firmographics, and more.

Principal Owner

Lists the business principal, guarantor, or both, as well as address and tax ID matches against Equifax data (if available).

OFAC Screening

Screen businesses and the owners/principals against Office of Foreign Assets Control (OFAC) lists.

Associated Businesses

A list of businesses potentially associated with the business owner or principal submitted during the initial inquiry.

Secretary of State Review

Highlights potentially adverse events related to the business, including bankruptcies, judgments, and liens (if available).

Fraud Alert Index

A rating of the business’ overall prior ability to meet financial obligations, presented as a never pay value. Available for contributor model only.

Tax Payer Identification (TIN) Match

An add-on feature that can complete a real-time validation against IRS data to confirm that the  EIN matches the company.

Public Records

Highlights potentially adverse events related to the business, including bankruptcies, judgments, and liens (if available).

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Business Verification Solution Sample Report
Product Sheet
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Product Sheet
Business Verification Solution
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