Equifax Data-Driven Solutions Help Small Business Lenders Make More Informed Decisions

WITH NEARLY 35 MILLION SMALL BUSINESSES EXISTING ACROSS THE U.S., EQUIFAX IS COMMITTED TO PROVIDING data-driven insights and solutions to help small business lenders make more informed decisions. 

Equifax Commercial data helps create a more complete picture of a small business for lenders, giving them the ability to open up more opportunities to provide loans to small business owners. To date, Equifax has added more than 1.9 million new merchant records to help build on thin-file businesses, giving lenders a better picture of a company’s financial activity.

“Our expansive commercial data, powered by the Equifax Cloud™, can be leveraged in multi-data solutions to give lenders a more complete picture of a small business, powering intelligent decisions with a deeper understanding of customer behavior and needs,” said Sal Hazday, Senior Vice President and General Manager of the Equifax U.S. Information Solutions Commercial Business. “With credit data on more than 76 million businesses, including unique data from both financial and non-financial tradelines, Equifax is able to help customers across the entire small business life cycle, giving business owners, lenders and service providers the ability to make decisions with confidence.”

The Equifax Cloud is a top-tier global technology and security infrastructure backed by a more than $1.5 billion multi-year investment that gives the organization the ability to develop solutions that are faster, more reliable, more powerful and more secure than ever before. The Cloud allows Equifax to offer tools to help small businesses at every stage—from finding customers to getting loans and managing financial risk. 

For example, OneScore for Commercial helps lenders identify businesses that are more likely to repay loans, which has helped boost loan approvals by as much as 15% to 20%. Another tool, the Business Verification Solution, helps  lenders quickly determine if a business is real and trustworthy—allowing U.S. lenders and small businesses make faster, more informed decisions before onboarding new accounts or vendors. 

By leveraging these unique data-driven solutions, Equifax is able to help lenders garner greater visibility into a small business applicant in an effort to help them gain access to credit they may not have previously qualified for. 

The Equifax monthly Small Business Indices report helps lenders and businesses track changes in the small business marketplace by providing insights into lending, default and delinquency trends. To learn more and view the latest reports, check out our Small Business Indices page.