TransUnion's Small Business Credit Report Designed to Empower Growth in Canada
TransUnion has successfully expanded into the commercial space by launching its Business Solution platform, the first product of which is the Small Business Credit Report. The new report improves the ability to lend and provide services for small business with new confidence.
The report is a first of its kind in the Canadian marketplace, filling a gap for lending institutions and service providers who need to effectively evaluate the credit worthiness of a critical growth engine for the Canadian economy. The importance of this business segment cannot be understated with millions of Canadians employed by small businesses across the country.
"Small businesses are vital to the growth of the Canadian economy and many of them rely on the support of financial institutions, government, insurance, telco and leasing services to either start their business or expand operations," said Chris Dias, TransUnion's senior vice president of product innovation and analytics. "The Small Business Credit Report allows clients to gain a more complete picture of a small business' credit history to be able to extend credit and services with confidence. This allows clients to better manage and grow their portfolios profitably while empowering small business development."
Previously, limited banking and financial data on small businesses made it difficult for lenders and service providers to determine the credit health of their customers. Without a central database of information on a company's credit history and payment performance, extending credit or services for small businesses could be challenging, limiting opportunities and growth potential.
The Small Business Credit Report provides a holistic story of a business' financial health by combining information and insight from Canada's leading banks and other data sources. This includes historical performance on credit facilities, public-record and business owner information. These attributes make it the most robust and comprehensive solution to enable small business transactions.
"Our close partnership with top Canadian financial institutions over the last two years of development have created Canada's first platform to facilitate the exchange of key business financial information," said Lee Medeiros, TransUnion's director of small business. "These partnerships helped us develop a report that allows lenders and service providers to make more informed decisions about their small business clients."
In addition to the new Small Business Credit Report, TransUnion is bringing a number of new solutions to the market across several different industries, including: automotive, financial services, collections, insurance, and telecommunications, among others.
"TransUnion is focused on driving innovation in the Canadian marketplace, and has made significant investments over the last 18 months," said Todd Skinner, president of TransUnion Canada. "We have developed a number of truly innovative new products, including our next generation credit bureau platform -- CreditVision. This will provide our clients a longitudinal view of their customers to ensure they better understand the credit profile to make the best decision possible and deliver a positive customer experience. Ultimately TransUnion's focus and commitment to innovation will enable our clients to make better decisions, deliver solutions to enable mobile channel, and eliminate fraud."
As a global leader in information and risk management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering high quality data, and integrating advanced analytics and enhanced decision-making capabilities. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Based in Burlington, Ontario, with global headquarters located in Chicago, Illinois, TransUnion provides local service and support throughout Canada. Visit www.transunion.ca to learn more.