CREDIT CORNER

 

 

Deciding whom you can or can't trust in business is never easy. Fortunately, Experian can help.

Knowing whom to trust – especially when you decide to do business with start-ups, small-to-medium-sized operations or privately held companies – can be a nerve-racking experience. Wouldn't you feel more confident having personal credit information along with business credit data about your prospects when you are ready to make commercial credit decisions? Experian's Business Owner Profile provides relief for concerned credit grantors. The first of its kind in the commercial credit industry, Business Owner Profile combines our expertise in both consumer and business credit reporting to provide the most accurate, current, comprehensive and reliable business and proprietor credit information available. Anywhere. So now you can quickly and confidently obtain all of the credit information you need from a single, reliable source – Experian's Business Information Solutions group.

For example, it's not uncommon for a proprietor to leverage his personal assets to meet business obligations. If he has maxed out his personal credit cards to start a business, you'd never see it in his commercial credit report. You may ship product without knowing what's happening until his business - and, then, maybe yours - starts to show signs of trouble.

Experian's Business Owner Profile. It's all about getting the business intelligence you need to make the right decisions and set appropriate terms before granting credit.

 

Product:  Experian’s Business Owner Profile

There are almost 23 million reasons to use Experian's Business Owner Profile.
The Small Business Administration states that there are approximately 23 million small businesses in the United States. Experian wants to provide you with greater insight about your current and prospective customers and the likelihood of their falling behind in their payments.

This report includes the following business owner information:

·         Tradelines (e.g. loans, credit cards mortgages)

·         Public record profile

·         Inquiries

·         General risk guidelines

 

·         Fraud indicators

·         Office of Foreign Assets Control (OFAC) Name Matching Service

·         Experian’s National Risk Model score

 

Additional ingredients include an individual risk profile, based on Experian's National Risk Model score, which predicts the probability that at least one tradeline will become seriously delinquent within the next 24 months. For faster evaluation, Experian also offers a combined score based on the credit history of the business and its owner*.

Navigating today's ocean of opportunities without knowing everything about the business and its ownership could send you crashing into the proverbial iceberg.

For more information, contact your Account representative today.

 

Did you know?

Interesting U.S. statistics on individual personal credit standings

Average credit score: 678

Average dollar amount owed per individual on revolving credit accounts (e.g., credit cards) and fixed payments (e.g., auto loans), excluding mortgages: $10,147

Debt owed (as percentage of credit limit): 24.5%

Minimum monthly payments: $479

Percentage of population with at least two credit cards: 46.2%

Those who use at least half of their available credit: 16.0%
Source: Experian Consumer Direct