Lenders may soon have greater access to information on the payment capabilities of businesses, accelerating the credit approval process. This is the goal of Equifax’s new Merchant Data Network, a solution based on Equifax Cloud, designed to provide detailed financial information on U.S. small businesses through data derived from credit card transactions.
The Merchant Data Network could offer increased security and confidence to lenders by creating a more precise financial profile, enabling them to make faster decisions regarding financing. With credit card transaction data provided by leading industry operators, traditional commercial credit scores could improve by more than 8%.
This platform provides up to 60 months of payment history, offering essential insights to assess a company’s real payment ability and financial sustainability, while reducing the risks associated with credit issuance.
