London, January 2012 - In today’s uncertain economic climate, businesses need to do as much as possible to protect themselves from the risks of fraud and bad debt and leading business information expert, Equifax, believes information sharing is key to achieving this. It has therefore developed a business information package that not only provides an insight into existing information it holds about organisations’ structure and the financial status of Directors which might suggest the risk of fraud, but facilitates information sharing amongst companies to alert each other to new risks if a mutual customer’s financial performance declines.
“With Equifax’s Commercial Silver package, businesses gain free membership to our Credit Communities service, allowing them to share critical data on potential or existing customers with other Equifax members,” explains Mark Nuttall, Director, Equifax Commercial & SME. “This includes notifications of court actions and bounced cheques, failed Direct Debits or Letters Before Action. Combined with the other data we provide this means organisations can more effectively protect themselves from bad debt or fraud.”
Designed for credit professionals who are handling a reasonable number of customers on a sales ledger every day, the Equifax Commercial Silver package comprises a series of information tools to add a greater level of protection. In particular it is designed to identify the early warning signs of potential fraud.
It will help uncover the poor track record of a director, as well as information on businesses with similar postcodes or sharing an address, which might suggest fraudulent activity. Postcode linked data also provides an insight into a geographical area in which a customer operates which may ring alarm bells. Plus it allows users to identify which industries have been checking the business in question, and the number of checks being made, which will give a useful indication of an organisation’s overall credit activity.
Equifax’s Credit Communities, which Equifax Commercial Silver users can also utilise, is a real-time data intelligence sharing tool that provides the facility for members of the community to add and share trusted up to the minute information - both positive and negative - on the account behaviour of their customers. This information includes payment terms, stopped or bounced cheques, County Court Judgments, bankruptcy, opened accounts and increased credit limits. Available online, Credit Communities offers a unique email alert system, allowing members to immediately taken into account any changes in a customer’s credit or financial status.
“It’s easy for businesses to think it won’t happen to them, but in 2010, corporate fraud totalled £1.4 billion”, added Mark Nuttall. “Fraud is a very real risk to all organisations, especially as businesses continue to struggle in a tough market. But with our Equifax Commercial Silver package, clients can access an unrivalled level of unique and up-to-date information to help reduce the risk of fraud and bad debt and save themselves money. This allows them to make informed business decisions, knowing their organisation is protected.”
For further press information, please contact: Jenny Thorneywork, Clare Watson or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: email@example.com
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates in four continents and 15 countries, is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.
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