New services enable faster, more informed decisions before establishing business relationships
atlanta, February 27, 2024 /PRNewswire/ — equifax® (NYSE: EFX) launches real-time Know Your Business (KYB) online Business validation solution We help U.S. lenders and businesses of all sizes make faster, more informed decisions before onboarding new accounts and vendors.
new business applications US It is growing at an unprecedented rate, with 5 million applications submitted annually starting in 2021. This growth in the small business market has created a need for both financial institutions and business service providers to understand business legitimacy early in the application process. This is very important for Internet and telephone service providers, financial institutions, lenders, insurance companies, etc. to identify potential risks. scam – before solidifying a new business relationship.
“Both large and small businesses help drive economic growth, which impacts the communities in which they operate,” he said. sal husday, Senior Vice President and General Manager, Equifax US Information Solutions Commercial Business. “Equifax continues to develop solutions and resources to help businesses of all sizes have the information they need to make informed decisions, and our new Business Verification solution will help businesses build relationships. It's designed to help you know who you're working with beforehand.”
Equifax Business Verification Solutions leverage industry-leading data and analytical models to deliver easy-to-read, integrated reports that provide a more complete view of business applicants and principals. The solution's robust validation process is based on a comprehensive risk model that allows customers to assess various aspects of their small business, including:
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business verification and scam Alert score – These scores help you analyze your business and identify potential next steps. scam.
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Primary owner information – Provide the name, address and tax identification number of the business owner, guarantor, or both.
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Related business – A list of other businesses that may be related to the business owner and/or principal.
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Update public records – Identify adverse business events such as bankruptcies, judgments, liens, and potential discrepancies between inquiry information and correlated data.
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Credit Summary Report – Summarizes recent credit reporting activity performed on behalf of the company.
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Company Profile – Contains information that most closely matches your inquiry information, such as trade name, corporate name, address, and company information.
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Office of Foreign Assets Control (OFAC) review – Screen companies and business owners and/or individuals based on OFAC lists.
Equifax is committed to helping small businesses grow through innovative products like new products. Business validation solution And that OneScore for commercials credit score. OneScore for Commercial is now available May 2023 Lenders and service providers Equifax Commercial Datawhich helps increase the predictability of commercial account defaults.
About Equifax Co., Ltd.
At Equifax (NYSE: EFX), we believe that knowledge drives progress. As a global data, analytics and technology company, we play an important role in the global economy by helping financial institutions, businesses, employers and governments make critical decisions with more confidence. . Our unique combination of differentiated data, analytics, and cloud technology provides insights and enables decisions that move people forward.Head office location atlanta Equifax is supported by approximately 15,000 employees around the world and has operations or investments in 24 countries. North Americacenter and south america, Europeand the Asia Pacific region. For more information, please visit: Equifax.com.
For more information:
alexandra packey for equifax
mediainquiries@equifax.com
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Source Equifax Inc.
