Creditsafe, the world’s leading provider of global business intelligence, has announced enhancements to its U.S. credit information product portfolio with access to financial trade payment data. This information provides significantly increased insight into the credit and financial performance of businesses across the nation. The payment data includes trade line information from business leases, commercial credit cards and term loans that will enable businesses to make better, more informed decisions.
Creditsafe has the ability to source over $220 billion in trade from banks, credit card companies and credit unions. In addition to having this data within new sections on a business’s credit report, this data can be leveraged by Creditsafe customers to enhance their credit algorithms to deliver even higher levels of predictability.
“While business credit reports and scores are traditionally put together using a variety of public and private information covering business demographics and company-to-company trade payment data, the addition of payment data showing not just how a business pays its bills, but how it pays its term loans, commercial cards and other debts takes our reports to another level,” said Matthew Debbage, CEO of Creditsafe’s Americas and Asia-Pacific division. “To be honest, any credit manager or business owner who makes a credit granting decision without viewing this data first is actually cheating themselves and their business by not taking the opportunity to see the whole picture. I cannot over-emphasize how important this information is,” he added.
Debbage added, “Creditsafe has built its reputation and success on doing things differently. We are committed to changing the way business information is used and by adding in this payment data to our U.S. offering we are continuing to do just that and to provide American businesses with a compelling option. Our Analysis shows that a typical user will now have the added benefit of seeing financial payment data on over 40% of previously ‘thin credit file’ companies. We believe this increase in data availability is a complete game-changer.”
Not only does this enhanced product provide detail on reported credit lines, it also highlights a company’s total credit utilization and any past due or at risk balances. Details of closed accounts are included to provide a historical perspective to show if a business has a poor track record on inactive accounts.
Businesses who wish to benefit from this enhanced service should either contact Creditsafe directly or click here.