TransUnion Launches Small-Business Credit Report Service
By Kristopher Morrison @KrisJayMorrison | August 25, 2014
TransUnion, the Chicago based credit bureau, has expanded its services to include small-business focused credit reports for Canadian businesses.
Boasting that it provides the first of its kind in Canada, the new TransUnion Small Business Credit Report is designed to give small business owners a better full-picture view of their operations.
“Our close partnership with top Canadian financial institutions over the last two years of development have created Canada’s first platform to facilitate the exchange of key business financial information,” said Lee Medeiros, TransUnion’s director of small business.
“These partnerships helped us develop a report that allows lenders and service providers to make more informed decisions about their small business clients.”
The Small Business Credit Report focuses on three major aspects. Much like a traditional credit report, it looks at your personal banking information, including your payment history of business loans. Where this credit report stands out is its look at your business’ data.
The Small Business Credit Report looks at both your company’s financial history and business demographics; this includes bankruptcy information, business registration data and judgments (such as tax arrears and liens). Finally, TransUnion offers fraud prevention to help validate small business application information.
Banks and other lending institutions have traditionally been wary of risking investment in small businesses, with limited financial data playing no small part in that concern.
By covering the history of the business owner, the business itself and performance demographics, TransUnion’s new service could provide startups and small business owners with the information these institutions require.
“This allows clients to better manage and grow their portfolios profitably while empowering small business development,” said Chris Dias, TransUnion’s senior vice president of product innovation and analytics.
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