16 March 2017
Data Analytics Company and ICN Partner Veda, has rebranded to Equifax in Australia and New Zealand in a seamless move that will not affect current services.
Equifax acquired Veda in February 2016 and has been working behind the scenes to integrate it into the global organisation.
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organisations and individuals around the world by transforming insights into knowledge that helps make more informed business and personal decisions.
For the past 12 months, ICN subscribers with a current paid subscription have been able to view their VedaScore (now Equifax Score) to get a better understanding of their credit rating. Our higher level ICN Gateway subscribers get access not only to the Equifax Score but also to a full credit report. Worth $179, and at no additional cost, for our Be Compelling and Premium members it adds significant additional value to packages that start at $600 per annum.
The change means customers will notice new branding and some new product names shortly, but credentials used to access accounts will stay the same.
According to data from MarketInvoice, Australian small businesses are the world’s slowest at paying outstanding invoices, which in turn is compromising their competitiveness and survival.
‘The Federal Government’s Department of Innovation released a discussion paper in 2013 that showed late payment added financial and administrative costs, reduced the potential for investment opportunities, damaged business relationships and fueled business uncertainty,’ ICN Limited Executive Director Derek Lark said.
‘As the leader in finding businesses with the right capability to win major projects here and overseas, ICN is well-placed to also help Australia small and medium enterprises understand their credit position.’
‘Our Partnership with Veda, which will continue under the Equifax brand, has meant that weare able to offer independent verification of technical expertise, but also of viability.’
Equifax Score sums up a company’s credit file in a number between 0 and 1200, calculated against the average for all companies in the country.
Equifax Score is calculated using a number of different data sources, including payment information, public filings (for example ASIC), court judgments, payment defaults, collections, and other information that helps predict whether you will pay them back on time.
Equifax offers real-time data, so any downloaded information will be dated with that day’s date. This means it is a snapshot of your company to see where you are at, and what your potential partners, suppliers and lenders are seeing.
‘Most small or medium businesses don’t even know they have a credit rating, but a good credit rating gives them a boost when tendering for major projects, because you can be certain the large project owners will be undertaking due diligence on all potential subcontractors,’ Derek said.
‘Not only that, a good rating will help you get business finance at a low interest rate, plus favourable payment terms from suppliers.’
Find out more here.
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