The companies say the new initiative will allow SMEs to seize greater control over the information provided about them to prospective creditors by credit reference agencies, and that this will improve their acccess to finance and credit insurance cover Stephen Alambritis, FSB head of public affairs, says: “Graydon and Validis could not have come together at a better time to provide such a ‘must have’ service for the UK’s 4.7 million small businesses.
“The Graydon Enhanced Credit Information Service Powered by Validis will definitely come to the rescue of many firms wanting to access both finance and credit insurance cover.” The new service, expected to launch in the summer, will be based on real-time company financial information. Assessments made of a business’s financial strength and viability will be based on validated up-to-date monthly management accounts.
Graydon UK managing director Martin Williams says: “Commercial lenders are thinking longer and harder than ever before about the extension of credit as the severe economic downturn continues. They also need to be able to base their decisions on reliable detailed financial data and insights. It is essential, therefore, that credit reference agencies do everything within their power to offer credit recommendations based on up-to-the minute information.”