Did you know that by reporting your commercial accounts receivable information to Experian and Equifax you can actually obtain access to better information for evaluating credit risk? You can also minimize late payments or defaults from your customers.
The Commercial Financial Network from Equifax and the Small Business Credit Sharesm program from Experian are contributory databases of companies that share the payment performance data of their customers for a variety of financial products. In turn, the financial contributors to these programs gain access to comprehensive data and reports, scores and special offers – as well as exclusive account payment data that’s only shared among members. That’s the reason why most companies participate in these programs. However, they also enjoy peace-of-mind knowing they are confidential – meaning company names are not revealed to other businesses when they access information on customers. Both Experian and Equifax have stringent confidentiality standards that limit access, ensure privacy and verify the accuracy of the data gathered and shared.
The benefits of reporting your data
When you contribute commercial data to these programs, you’ll gain access to even more information which will provide you with greater insights, backed by best-in-class data security, to help you make better credit decisions.
- Improved debt collection: Customers do not want to jeopardize their credit ratings – so those who know you are reporting to Equifax and Experian are more likely to choose to pay you over a non-reporting vendor
- Better risk decisions: As a contributor, you will gain access to advanced insights so you can acquire and retain higher quality accounts
- Fresh information: Data is gathered and reported from thousands of sources constantly so you can be confident it is completely up to date
- Obtain discounts: Experian and Equifax offer discounts on select credit risk products exclusively to members
It’s easy to begin reporting your commercial data. Just contact your Credit Plus Account Executive for more information, call 800.258.3488 or email firstname.lastname@example.org.