Equifax launches new business verification tool

ATLANTA – Equifax Inc . (NYSE: NYSE:), a global data, analytics, and technology company, has introduced a new Business Verification Solution to expedite and enhance the process for U.S. lenders and businesses to vet potential clients or partners.

The tool is designed to provide a comprehensive assessment of a business’s legitimacy and associated risks, such as fraud, prior to formalizing relationships.

The surge in new business applications across the United States, with an annual rate of five million since 2021, has underscored the need for an efficient verification system. Equifax’s solution targets a range of service providers, including internet and phone companies, financial institutions, and insurance carriers, aiming to mitigate risks early in the application process.

Sal Hazday, Senior Vice President and General Manager of Equifax’s U.S. Information Solutions Commercial Business, emphasized the importance of informed decision-making for economic growth and community impact.

The Business Verification Solution leverages Equifax’s data and analytical models to deliver a detailed report on the business applicant and its principal, including verification scores, tax ID, associated businesses, public records updates, credit summary, and OFAC screening.

The solution complements Equifax’s suite of products, including the OneScore for Commercial credit score introduced in May 2023, which enhances the predictability of defaults on commercial accounts.

Equifax, headquartered in Atlanta, supports the global economy’s decision-making processes and is committed to progress through knowledge. Employing nearly 15,000 people worldwide, the company has a presence in 24 countries across various regions.

This new offering is part of Equifax’s ongoing efforts to assist small businesses and the broader commercial sector in navigating the complexities of establishing trustworthy business relationships. The information for this article is based on a press release statement from Equifax.

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