For the big three credit bureaus, the big focus at the moment is on the free credit reports mandated by the Free and Accurate Credit Transactions Act (FACT Act). This access is being rolled out from West to East over the space of a year. But for Equifax Corp., there is more interest and excitement over its efforts to build a commercial credit business to complement its consumer credit role. Steve Ely, senior vice-president, marketing, said the next big wave is for more lenders to credit score small business loans. "It's a huge market for us," he said. Equifax is building a commercial credit exchange using trade line information from 180 banks, complemented by personal credit information, and lifestyle and demographic data. As of the conference in mid-November, four banks were already using the commercial database.
As with its consumer credit data, the company will offer business data users analytical tools, such as risk models, business intelligence, benchmarking, and enabling technology including workflow management and business rules automation so that the credit process can be fully automated, www.equifax.com
As with its consumer credit data, the company will offer business data users analytical tools, such as risk models, business intelligence, benchmarking, and enabling technology including workflow management and business rules automation so that the credit process can be fully automated, www.equifax.com