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|Equifax comments on the BoE’s report on enhancing the use of commercial credit data|
|Thursday, 17 December 2015|
The Bank of England (BoE) today released a report on increased sharing of commercial credit data to improve credit scores and limits for trade creditors. Equifax was part of a proof-of-concept study, investigating the impact of including data from banks and other financial intermediaries in trade credit scoring.
Key findings include:
· Incorporating additional data increased trade credit limits for businesses by an average of £350
· Across the entire business population, this is an estimated aggregate increase of £2.4bn
· The inclusion would lead to higher credit scores for over 50% of businesses in the sample
· Around 50,000 mostly small firms would receive a recommended trade credit limit for the first time
Nic Beishon, Head of Commercial, Equifax UK & Ireland, comments: “We are pleased to have worked with the Bank of England to help drive such an important study for SMEs. The findings highlight the positive outcomes that can be achieved for businesses, particularly SMEs, by extracting maximum value from data available from financial organisations. SMEs are vital for the UK economy and giving them better access to credit supports their growth in today’s increasingly competitive landscape.”
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