Understanding the Equifax Business

Equifax is one of the three major credit reporting services. Their knowledge of the credit industry and the importance of understanding businesses financial status and overall financial picture are significant. That is why they are leading experts and have developed the tools to help businesses prosper instead of fail. Equifax Business offers credit monitoring services, business credit report services, and instant alerts. The combination of these three tools provides a valuable weapon for all small businesses and finding out the financial information they need to know at any given time.Credit Monitoring Services:Credit monitoring is one of the most effective methods to prevent financial problems or situations from arising. There are two ways that any business can use monitoring to their benefit:1.To keep track of dropping credit scores on businesses they have financial relationships with. Financial relationships would be considered trade lines, lines of credit, services rendered, or ongoing financial transactions between two businesses.2.To keep track of your own credit score. If your score is starting to drop and you see that right away you will have options for deciding what you can do to stop it from falling. On the upside, if your credit score continues to raise it may be an ideal time to renegotiate rates on your businesses finances. You could be eligible for lower rates with a higher credit score.Credit Report Services:Equifax Business offers the ability to purchase business credit reports. You can use those reports to view a detailed assessment of where your credit is at or you can check on the credit of another business you wish to conduct financial transactions with.The business credit reports include:Payment Trend and Payment Index: This is a twelve month payment trend that compares the business you are reviewing to the industry standards.
Bureau Summary: This is a detailed summary of both financial and non-financial accounts for the business you are reviewing.
Public Records: You can see if there are judgments, liens, or charged off accounts from the business you are reviewing.
Two Scores: Equifax Business reports have two scores. One is a credit risk score and the other is a business failure score.Instant Credit Report Alerts:With Equifax Business you can be instantly alerted when something is changing on your credit score. This may include:
• Updated information
• Somebody inquiring on your credit
• A new obligation being postedWhen you know about changes taking place in real time it gives you the opportunity to more easily prevent fraud; plus, you can keep closer track of everything on the report.The business services at Equifax Business can play a significant role in protecting owners from the negative consequences of bad financial transactions. Small business owners should always want to protect what they’ve worked so hard to build.