FinTech Recordent and Equifax, an Indian credit bureau have partnered to help businesses particularly MSMEs to make better credit decisions before offering credit against goods and services by providing a consent based comprehensive credit report of potential customer.
MSMEs continually face the challenges of collecting dues from customers as the latter is highly dependent on loans and credits. The ongoing pandemic and increasing cost factor have also resulted in increasing customer debts for MSMEs. Through this partnership MSMEs will be able to reduce risk while providing credits to customers from Recordent that has built a simplified tech platform for members to access the Equifax Credit reports through a valid consent framework.
The report provides information based on past payment behaviour on loans and credits availed from banks and NBFCs. Based on the consent of the customer, Recordent platform presents the credit history information in a way that it is easily understandable by businesses to make informed decisions. The information provided as a summary on the first page of the report on the Recordent platform can also prove to be very helpful for businesses to make quick decisions before offering credit or loans or service to customers.
Announcing the partnership, Winny Patro, CEO & Co-Founder, Recordent said, “We are delighted to partner with Equifax and support businesses with consent-based customer information report that will help in making better decisions before offering credit or service or loan to a customer. Credit default is a huge concern especially for MSMEs as they are at the receiving end, struggling with outstanding dues. We are confident that this partnership will benefit business owners and customers, and also help in maintaining good credit health.”
K M Nanaiah, Country Leader, MD, Equifax India and MEA said, “Equifax is happy to partner with Recordent to provide credit reports for MSME’s based on the consent from respective MSME’s. This will build credit awareness and promote good credit culture leading to better credit access for the MSME borrowers over time.”