CreditSafe USA added payment and trade line intelligence to its US credit reports. Expanded intelligence includes trade line information from business leases, commercial credit cards and term loans that will enable businesses to make better, more informed decisions. Other information includes total credit utilization, past due amounts, at risk balances, and closed accounts.
“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. “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.”
The new financial details span $220 billion in commercial transactions from 400 financial institutions.
A 2016 Manta survey of small businesses identified a “major knowledge gap” concerning business credit scores. The survey of 3,000 businesses found that almost three in four did not now their own credit score and sixty percent did not know where to obtain such intelligence.