Recent figures confirm that there has been a downturn in business confidence, with some sectors of business and industry reporting increases in business failures.
Against this backdrop, it is vital that any organisation protects themselves from the risk of bad debt and fraud.
In response, leading business information provider, Equifax, has significantly enhanced its online business report service to enable organisations to assess, monitor and manage business customers more easily and quicker than ever before. With access to credit and financial information on nearly 4 million companies and businesses, Equifax provides online access to the most comprehensive business database in the UK.
"It is anticipated that this year will mark the beginning of a sea change for UK business as the number of firms going bust is expected to increase for the first time in two years," confirmed Nick Frazer, Head of Business Information Services, Equifax Plc. "It is therefore vital that decisions about new accounts and increasing credit limits are backed up by as much information and intelligence as possible. And this information needs to be instantly accessible online and easy to navigate and interpret."
By making it easier to assess and digest information on suppliers and clients, Equifax Business Reports help ensure that the decisions businesses make about the companies with which they do business are the right ones.
In addition, through Equifax's online business report service, businesses can monitor changes in the financial status of customers and suppliers, as well as check credit limits, access a network of international company reports, and receive a comprehensive guide to risk management.
Nick Frazer continues: "For all businesses who want to check the credentials of a new customer, and assess and monitor the financial performance of suppliers and customers, Equifax's online business report service opens up a world of information that is now even easier to navigate and utilise."