UK: Equifax begins providing businesses’ credit data to lenders

Equifax UK has released a new tool that will provide lenders with credit data on businesses.

The move has come about as part of the UK government’s Commercial Credit Data Sharing (CCDS) scheme which requires the UK’s largest banks to share credit information they have on SME customers with revenue up to £25m with all other lenders, provided the customer gives their permission.

Under the initiative, business credit information, which includes business cash flow activity, average balances, as well as credit and debit turnover for businesses, is collected by credit reference agencies, such as Equifax. The credit agencies can then share that information reciprocally among lenders.

Equifax will provide lenders with the data through its ‘Business Insights’ service which combines commercial and consumer insights to help lenders make better-informed lending decisions.

The tool will also include provisions for monitoring a business’s financial health, including ongoing alerts regarding potential issues with repayments from businesses, and will make suggestions on the most suitable course of action.

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