Additional Data Provides Insights that Drive More Effective Decisions
Know more about smaller firms with dynamic, connected insights from multiple sources
Small businesses are the backbone of America. This means, by providing access to capital for existing customers or prospects converted to customers this will help your company with revenue and ultimately support the broader economy.
Many small businesses are funded in part or whole by owners, while others may have a limited business credit profile—both of which can make it incredibly challenging to understand the potential risk or opportunity associated with the business.
In these situations, commercial payment performance data is a useful resource that can help show financial providers how a business is paying, or not paying, its obligations to others in the financial services industry. When you’re lacking traditional commercial credit insight, it can help give you the green light or red light you need to make a more confident small business lending decision.
Here’s the good news. Today it’s possible to get expanded small business insight through one source, the Equifax Commercial Financial Network (CFN). Through the CFN, you have access to traditional payment performance data from an ever-expanding network of more than 1,300 data contributors, including more than 225 bank portfolios and more than 155 million payment accounts.
But payment performance data is really just the start. Also, included in the CFN is access to dynamic, comprehensive information such as trended data can help with analysis of the financial trajectory of a small business or its owner, provide employment and income data, information around business owner identity, wealth and assets and much more.
Now, what if you could use that data from multiple sources to instantly build a more complete view of a small business? Let’s be honest, it’s meaningless to access all this information if the data cannot be linked to build a complete picture. Luckily, Equifax provides the resources and technology to do this automatically.
Using our premier data and advanced analytics platform, also known as our “Big Data” Hadoop platform Cambrian, you have access to a connected, 360-degree view of your customers—in seconds. Having this level of increased visibility across your small business prospects and customers gives you insights that drive future-forward decision making:
- Understand how a business is paying its financial obligations to multiple creditors and lenders today, and how it’s paying them over a period of time
- Leverage balance sheet data to assess small business health
- Gain insight into the financial standing, background and behaviors of small business owner(s)
- Determine if your small business portfolio’s delinquency rate is higher or lower than your peers
Tapping into advanced insights and innovation will help you better understand small businesses so that you can confidently offer them access to capital and other financial services in a smarter, more secure and profitable manner. Grow your business and optimize the value of your customer relationships with an expanded view of your customers across the account lifecycle.
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