Chapter 21: Commercial Services
IN THIS LESSON
-
Since 2006 Ansonia has been meticulous about accurately reporting trade payment data exactly as it is submitted by data contributors who are members of its trade partner network.
An Ansonia Risk Score is determined statistically through an algorithm that determines credit risk based on a number of factors including your company’s payment history, number of creditors and balances.
When you work with companies who submit their trade data file to Ansonia Credit Data, you will begin to establish credit for your company.
After two different data contributors have reported your payments for three consecutive months, on the fourth month your brokerage will be eligible to receive a credit score.
Just like building your personal credit, it takes time and the more timely the manner in which your company pays its creditors (the data contributors), the better your credit score.
-
The BCIR Plus 2.0 gives you the deepest level of insight into the validity, financial stability, and performance of more businesses. It contains specific information regarding a particular business, such as ownership information, subsidiaries, company finances, risk scores, and any liens or bankruptcies. The report begins once the business is incorporated and receives a federal tax identification number. Unlike consumer reports, BCIRs are public information.
-
The BPR provides credit information on the business principal, owner, or personal guarantor and is delivered as a supplement to Equifax business reports.
-
Business Identity Reports offer detailed insights including firmographic data from the Equifax Commercial database and more. Equifax Business Identity Reports can be used for:
Business identity verification
Tax ID verification
Fraud detection
Regulatory compliance such as Know Your Customer
Due diligence
Low exposure risk assessment decisions
-
Also called a Credit History Report
The Credit History Report provides unprecedented detail for each business borrower and affords a lender the opportunity to see how that borrower has handled similar transactions. High-level summary information of all obligations for a given borrower is presented in a concise table outlining how the borrower has historically handled its obligations as well as the aggregate amount owed and how much of that amount has been paid down.
Payment histories on each individual obligation are presented on a contract-by-contract basis, summarized by each lender with which the borrower has done business. The detailed information that facilitates this apples-to-apples comparison includes such items as collateral type, financing product, guarantor indicator, term and payment frequency, repayment status, and levels of historical and current delinquency.
