New Offering Enables Faster, More Informed
Decisions Prior to Establishing Business Relationships
ATLANTA, Feb. 27,
2024 /PRNewswire/ -- Equifax® (NYSE: EFX) is
launching a real-time, Know Your Business (KYB) online Business
Verification Solution offering to help U.S. lenders and
businesses of all sizes make faster, more informed decisions before
onboarding new accounts or vendors.
New business applications in the
United States have been growing at an unprecedented rate,
with five million applications submitted per year since 2021. This
growth in the small business marketplace creates a need for both
lenders and business service providers to gain visibility into the
legitimacy of a business earlier in the application process. This
is critically important to internet and phone service providers,
financial institutions, lenders, insurance carriers and others, to
help identify potential risks – like fraud – before
solidifying new business relationships.
"Businesses, both large and small, help drive economic growth –
which in turn impacts the communities where they operate," said
Sal Hazday, Senior Vice President
and General Manager of the Equifax U.S. Information Solutions
Commercial Business. "Equifax continues to develop solutions and
resources to help provide businesses of all sizes with the
information they need to make informed decisions, and our new
Business Verification Solution is designed to help companies gain
visibility into who they are working with before the relationship
is formed."
The Equifax Business Verification Solution leverages
industry-leading data and analytical models, providing an
easy-to-read, combined report that provides a more complete view of
the business applicant and the principal. The solution's robust
verification process is based on a comprehensive risk model and
allows customers to evaluate multiple aspects of a small business,
including:
- Business verification and fraud alert score
– These scores help to analyze the business and identify
the potential for fraud.
- Principal owner information – Provides the name of
the business principal, guarantor, or both, along with address and
tax ID.
- Associated businesses – List of other businesses
potentially associated with the business owner and/or
principal.
- Updates to public records – Identifies adverse
business events, such as bankruptcies, judgements and liens, as
well as potential discrepancies between the inquiry information and
correlated data.
- Credit summary report – Summarizes recent
credit-seeking activity conducted on behalf of the business.
- Company profile – Includes information that most
closely matches the inquiry information, including business name,
legal name, address, firmographics, and more.
- Office of Foreign Assets Controls (OFAC) screening
– Screens businesses and the business owner(s) and/or
principal(s) against OFAC lists.
Equifax is committed to helping small businesses thrive
through innovative products like the new Business Verification
Solution and the OneScore for Commercial credit score.
OneScore for Commercial launched in May
2023 and helps lenders and service providers score as many
as 50% more applications through the power of Equifax commercial
data, helping to increase the predictability of default on
commercial accounts.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe
knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employers, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta
and supported by nearly 15,000 employees worldwide, Equifax
operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information, visit Equifax.com.
FOR MORE INFORMATION:
Alexandra Packey for Equifax
mediainquiries@equifax.com
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SOURCE Equifax Inc.