Equifax reports huge rise in businesses tracking customer and supplier status

Equifax reports huge rise in businesses tracking customer and supplier status

Business information provider, Equifax, has seen the use of some of its business monitoring alerts increase 300% in the past year as companies try to stay up to date with the financial status of customers and suppliers in order to protect cashflow and safeguard against bad debt.

Equifax has also seen an almost 200% increase in alerts for Gazette and Detrimental information - reports that indicate a court or other negative action against a business and a good early warning sign of potential repayment problems.
 
Neil Munroe, external affairs director for Equifax said: "It's very encouraging to see businesses taking positive steps to stay on top of the financial status of customers and suppliers with monitoring tools. 
 
"In times when new credit is difficult to come by and banks are reducing or even recalling debts, there may be a temptation to cut spending on basic processes and disciplines. But when times are tough cutting back on checks could be a false economy."