Equifax search service promises to dig deeper
Posted on 27. Jan, 2012 by Collections Recon in Collection News
Members will be able to share details on firms and directors that are not available at Companies House
Equifax, the credit rating business, has launched a service to give more information on companies and directors.
Equifax Commercial Silver will allow members to share information on suppliers and individuals that they may not be able to get from Companies House.
Neil Munroe, external affairs director for Equifax, said: “Two things that businesses need are enhanced information about people they are trading with and people that are supplying them with goods and services. What we have seen is with increasing numbers of small businesses and the requirements of Companies House, there is a need to develop information about their trading and performance.
“We have developed a community to share information about trading.”
Members can sign up to the service, based on anticipated usage, and obtain information that they may not usually be able to achieve. This might be information about directors that people have used, or simple trading information about companies that is not registered with Companies House.
Mr Munroe said: “There is information such as basic Direct Debits or a trading relationship that you might have, for example if they have not been meeting the payment terms.”
Other information can be based on directors’ performance, highlighting the ability to uncover the poor track record based on past dealings. Similarly there will be information on customers that use credit terms, and whether they have had their terms increased or if there have been issues with Direct Debit payments.
Users sign up to the service and share information with each other. They will be charged based on the number of searches.
Mr Munroe said: “More and more in a recession businesses need information and they should be looking for information about who they are going to trade with.
“We will make sure they do not go putting derogatory information. There will be terms and condition to make sure that it is usable for them.”
Bob Riach, proprietor of Lincolnshire-based IFA Riach Independent Financial Advisers, said: “It might help. From a financial advising perspective, when prospecting for new clients we are going to look at companies with a certain size, and you want to get information on people in that company and find out who the main director is. You might find a bit more than Companies House. It is an alternative for IFAs researching new clients.”
By Melanie Tringham
© The Financial Times Ltd 2011
