Equifax Business CreditEquity corporate loan
Equifax is a government-designated credit reporting institution under the credit splitting framework and has direct contact with new records from major business banking institutions, providing an overview of credit and credit transactions, credit and credit transactions, and credit and credit flows, as well as minimal and maximal averages. Information is made available to creditors through Equifax Business Insights, which combines business and credit information with consumers information for the business credit and loan markets to streamline your asset management, credit and validating workflows.
Every business with a revenue of up to 25 million is covered by £25 million of the total UK business volume - 99.9%. In particular, the extra information will help SME' who only request funding on an occasional basis. By providing a more clear picture of whether companies can make repayment, banking and non-banking institutions will be able to provide more attractive credit to an SME.
It also allows creditors to track a customer's finances, alert them at an early stage to possible repayment issues and determine the most appropriate course of approach. It will facilitate the demands of the new credit standard to better serve SME' in periods of economic strain. Mr Nic Beishon, Head of Commercial at Equifax, said: "We are delighted to endorse this public programme to promote credit in the SME segment, which is vital to the UK economy's healthy state.
For many companies that have the capacity to pay back a debt, but are currently either refused or remain in abeyance if missing information does not allow them to make a prompt choice, chargeable credit default swaps (CCDS) are a critical factor. Fresh information helps overcome this problem by giving a more detailed overview of a company's business activities than ever before.