FairFigure Teams Up with Equifax to Upgrade Business Credit Scoring System

Miami, Florida(Hexa PR Wire–October 5, 2023)In a significant development for business owners seeking comprehensive financial insights and management tools, FairFigure proudly announces its strategic partnership with Equifax, one of the largest multinational credit reporting agencies. 

This partnership equips business owners with valuable insights into their commercial credit scores, courtesy of the Equifax Business Credit Report. Armed with this knowledge, small business owners can now make better decisions regarding the utilization of their business credit and budget planning. Equifax’s extensive data network, drawing from banks, industry groups, collection agencies, and corporate registries, guarantees comprehensive and meaningful insights.

Much like keeping an eye on your personal credit score is crucial, these reports are indispensable for small businesses, especially when they’re in pursuit of external financing. It’s all about building credibility, a cornerstone for businesses aiming to thrive.

Based on data from the Federal Reserve, almost 40% of businesses looking for funding in 2020 faced obstacles due to either poor or insufficient credit history, hindering their growth prospects. To gain a better grasp of their financial well-being, businesses should make use of accessible tools and resources.

On average, it takes about three years for a business to establish a robust credit profile. The key is to make consistent, timely payments and cultivating relationships with creditors who report to major credit bureaus. This process is instrumental in building a solid credit foundation.

FairFigure’s online business monitoring service has gained acclaim for providing indispensable financial insights, instant security alerts, fundability assessments, and business scores. With the seamless integration of Equifax’s Business reports into its platform, accessing financial reports has never been more convenient for business owners.

The FairFigure platform offers a complimentary assessment of business credit scores and funding probability via the Fundex Scoring model, helping small businesses to understand their financial position. 

Equifax joins other FairFigure partners like Dun & Bradstreet, Patriot Bank and CreditSafe to provide top-notch credit reporting, monitoring and management services.

“This partnership allows business owners a holistic view of their businesses’ financial health,” said FairFigure founder and CEO Aaron Christian Velazquez. “We’re delighted to collaborate with Equifax, enabling business owners to gain valuable access and insight into their financial management and budgeting. Such partnerships empower individuals to foster innovation, strengthen their business and forge a path to success.”

Users will be able to access Equifax Commercial reports starting October 1. For more information, visit www.fairfigure.com

 

About Equifax

Equifax is a global data, analytics, and technology company playing an essential role in the economy by helping companies and consumers in diverse industries such as automotive, communications, utilities, financial services, fintech, healthcare, insurance, mortgage, professional services, retail, e-commerce, and government agencies, make critical decisions with greater confidence.

About FairFigure

FairFigure is a financial technology company, not a bank. We empower business owners with essential financial insights, management tools, and access to business credit for startups.  The FairFigure Card is issued by Patriot Bank N.A., Member FDIC, pursuant to a license from Mastercard U.S.A. Inc. This Card can be used everywhere Mastercard® debit cards are accepted.

Contact Information

Laura Foti: laura@fairfigure.com
FairFigure Website: fairfigure.com

This article was originally published at: https://hexaprwire.com/fairfigure-teams-up-with-equifax-to-upgrade-business-credit-scoring-system/

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Hexa PR Wire is a press release distribution service founded by Michael Peres in 2022. Our core mission is to empower businesses, big and small, in achieving their marketing objectives through our quality press release distribution services. We recognize that each business has a distinct story to share, and we are devoted to assisting our clients in broadcasting their message to the world.