Equifax Canada Announces Risk Reveal to Help Empower Businesses Achieve Better Credit Decisions Faster

Equifax Canada announced last week the launch of its Risk Reveal, which is said to help businesses achieve better credit decisions at a faster rate. The fintech company stated that by combining the depth of two credit databases into one solution, the new feature would have credit scores, credit data, legal actions, and collections data for corporations and their principals. Speaking about Risk Reveal, George Staikos, Director of Commercial Markets at Equifax, explained:

“It can be difficult to fully understand the credit worthiness and potential for delinquency for a small business. Is the business being funded through the owner’s personal accounts? Or did the owner opt for a business credit card or loan? Or both? Risk Reveal provides a 360-degree view of a small business’ risk.”

Equifax Canada also noted that Risk Reveal would return a report for the business inquired upon, and reports for up to three owners/guarantors, as well as a commercial and a consumer delinquency score which predicts the likelihood that a business will become severely delinquent. That data is distilled into a dual risk score that helps businesses adjudicate customers better and faster while reducing write-offs. Staikos added:

“This solution, the first in Canada, provides a greater understanding of true credit risk. Risk Reveal enables businesses to keep profits on track and risk in check.”