TransUnion Canada and Lumbermens Credit Bureau Partner to Enhance Small Business Risk Evaluation
Partnership Offers a Holistic View of Business Risk for Improved Decisions
TransUnion Canada and Lumbermens Credit Bureau have entered into an exclusive partnership that will combine two data assets on business credit risk for a comprehensive small business solution.
"Small businesses are vital to the growth of the Canadian economy and continue to represent a challenge for lenders and service providers as often there is limited information in order to make informed decisions," said Todd Skinner, president of TransUnion Canada. "The combination of TransUnion's unique small business credit report and Lumbermens data makes for a powerful solution that will allow our customers to make decisions with improved insight, further enabling the growth of small businesses through access to funds."
TransUnion launched the first ever small business banking exchange in Canada last year. The service provides visibility into the financial health of small businesses, and it has been met with great response across multiple industries in the Canadian marketplace.
The partnership with Lumbermens further enhances the solution with the addition of credit, legal, and payment trend data, providing clients with deep insight into small business payment history.
Lumbermens Credit Bureau and Mercantile Credit Bureau President John L. Smith stated that the new partnership offers an unmatched small business credit report to the market allowing suppliers to make cost effective, faster and improved decisions while providing small businesses with increased access to trade credit from suppliers.
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Based in Burlington, Ontario, TransUnion provides local service and support throughout Canada. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide. We call this Information for Good. Visit www.transunion.ca to learn more.
Lumbermens has been in continuous operation since 1915 providing credit information to members for almost 100 years.
Reporting on commercial businesses throughout North America and offering specialized construction credit reporting and commercial credit reporting products, based on up to date data, we place our members in the best position to manage credit risk. Information collected by real time investigation, and through our database allows Lumbermens Credit Bureau and Mercantile Credit Bureau to provide a comprehensive range of services.
Our members have improved their receivables risk and days sales outstanding through informed credit decisions using our reporting services.