Equifax launches real-time business ownership data service
Equifax, the consumer and business information specialist, has launched a new service providing real-time, integrated data on companies and the individuals who own and run them.
Called Equifax Business Insights, the new service is intended to allow organisations such as banks, financial institutions, commercial lenders and SMEs such as trade suppliers to better assess lending risks, underwrite credit, meet regulatory obligations and improve their overall profitability.
Equifax Business Insights can provide access to commercial and consumer data sourced from Companies House and other providers, including current and historical financials and accounts, County Court Judgements, commercial agreement payments, directors’ information, existing credit scores and credit limits. Insights from this data can help organisations assess the risks of dealing with new business customers by verifying the identity of owners and directors, as well as to undertake anti-money laundering checks.
Nic Beishon, of Equifax Business Information UK&I, said: “Increasing lending to smaller businesses is an important step in the UK’s economic recovery but the SME sector has notoriously been one of the most challenging to underwrite and lend to securely. There is a perception that information on smaller commercial businesses and the people behind them either doesn’t exist or is hard to find. This means that lenders simply don’t look for it. However, this information is likely to be available and our solution is designed to provide access to it.”
