Tag: business credit
It’s no secret that businesses are what drive the U.S. economy. The exchange of goods and services for business large and small is what our society is built on. But, did you know that big data is actually a driving force in commerce? How, you ask? Businesses rely on data -- just as we as consumers do -- to form the basis for everyday decisions. Experian has always been at the forefront of using big data, and over the years we have streamlined its uses to help drive commerce for the business community. Our commercial database contains unbiased information on more than 25 million active businesses in the U.S. However, data just scratches the surface of what we do. Our technology, analytical and consultative services help financial institutions and businesses (large and small) derive insights, which enable them to make more sound lending decisions, better manage their credit portfolios and acquire the right customers.
With Small Business Saturday quickly approaching, Experian wants to remind small business owners why it is important to have good business credit. Good credit scores – they’re not just for consumers. Businesses need them, too. According to a recent Experian survey, only 33 percent of small business owners said they were able to get the capital they need to maintain satisfactory cash flow. Good business credit can help business owners receive the funding they need, as well as help them earn more favorable terms and lower interest rates.
Did you know that this week is National Small Business Week? It is a time dedicated entirely to acknowledging the positive impact small businesses have on our economy. So let’s take a moment to recognize the contributions that millions of entrepreneurs and small business owners have made to our local communities. Whether it’s creating jobs or providing our favorite products and services at convenient locations, here’s to Small Business - they are truly the backbone of our nation’s economy.
As a child, one of the things we all learn is cause and effect. If someone is hungry, then they eat food. If someone is tired, then they take a nap. So logically, one can infer that since we are seeing a recovering housing market, more people will want to buy houses, thus creating a need for more homes to be built. But that’s what makes the findings from Experian’s Q4 Metro Business Pulse analysis all the more intriguing. Although the housing market is showing signs of improvement, the construction industry continues to struggle with below-average business credit health, including a lower-than-average risk score, paying their bills more days beyond contracted terms, had higher bankruptcy rates and had a greater percentage of delinquent debt than other industries.