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New reports from Equifax bring aid for SMEs

Published On 1 March 2007 at 13:26:26

Small and new businesses will be helped with credit risk management following the launch of a new range of business reports.

Equifax business reports will provide business information blended with personal data and will offer a more rounded and predictable picture of the growth potential and financial stability of a business.

As a result of the new data, businesses will be able to trade more confidently with new start-ups, sole traders and non-limited companies because their creditworthiness will be much clearer.

Gary Powell, head of business information services at Equifax said: "Historically, the business community has been reluctant to deal with new start-ups, sole traders and non-limited companies because there is a lack of information available about them on which to make confident lending decisions.

"But our new enhanced reports mean large and small businesses can build relationships with each other, encouraging growth in the UK economy as a whole.

"They also mean that big companies will be able to expand their supplier and customer base to include small companies, with the minimum risk of bad debt."

Of the 500,000 new businesses that start up every year, 300,000 fold within three years, according to government figures.

 

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