Equifax Continues to Support Small Businesses, Providing Enhanced Access to Business Credit Reports Online

EQUIFAX IS REINFORCING ITS COMMITMENT TO SUPPORTING SMALL BUSINESSES by improving visibility into their business credit report online. Available via a self-service online portal through eCredable,* small business owners are able to view a copy of their Business Credit Industry Report Plus™ 2.0. This includes much of the same information lenders and service providers are using to assess their credit worthiness. 

"We understand that for small business owners, every decision counts," said Sal Hazday, Senior Vice President and General Manager of the Equifax U.S. Information Solutions Commercial Business. "The Business Credit Industry Report Plus™ 2.0 is a vital tool that provides the transparency and insights necessary for businesses to manage their financial health proactively, secure better opportunities and ultimately, achieve sustainable growth."

The report includes background and performance information of the business, an indication of credit quality and capacity to pay bills and summaries of borrowing history and public record information. It leverages data from two sources: OneScore for Commercial, which was designed to expand credit access for small businesses via enhanced Equifax differentiated data sets, and Commercial Merchant Data which provides a more complete picture of the business and their cash flow based on existing transaction data. 

The Business Credit Industry Report Plus™ 2.0 empowers small businesses by offering a clear understanding of what lenders, service providers, insurance carriers and potential partners see when evaluating their credit profile. Having good business credit can unlock numerous opportunities, including:

• Engaging with Lenders Better: Businesses can equip themselves to negotiate more favorable rates and terms with lenders and creditors.

• Strengthening Contracts and Customer Bids: Improved creditworthiness can enhance pitches for new business, leading to stronger contracts.

• Seeing What Others See: Gain deeper insight into the accounts of the business to make more informed internal decisions.

• Planning for Growth: Understand strengths and liabilities to make smart, strategic business decisions.

• Improving Terms: Better negotiate rates, terms and deliverables with key suppliers and vendors.

• Protecting Assets: Monitor business credit files for inaccuracies and potential fraudulent activity.

View a sample of a Business Credit Industry Report Plus™ 2.0 here.

Business credit acts as a financial health indicator, distinct from personal credit, assessing a company's ability to manage and repay debts. This information is compiled and scored by credit reporting agencies, and its importance extends beyond just banks and lenders. Various entities, including communications, utility and insurance providers may review a business's credit, making good business credit a key factor in securing and maintaining relationships with a wide range of service providers and financial institutions.

Additionally, Equifax helps businesses and lenders track changes in the small business marketplace by distributing a monthly Small Business Indices report, which provides insights into lending, default, and delinquency trends. Click here to view it.

*Business Credit Industry Report Plus 2.0 is available for purchase from eCredable, an approved Equifax reseller.