Equifax OneScore for Commercial

One major obstacle small businesses and startups encounter is a lack of credit data. Commercial lenders utilize popular credit scoring models to determine your creditworthiness and approve or deny your loan based on your commercial credit score.

But what happens when you can’t leverage these effectively?

Equifax OneScore for Commercial is a solution that helps lenders, service providers, and small businesses navigate a lack of available or up-to-date credit data more confidently. We explore what this is to help you understand how it works and how it supports your business.

What Is Equifax OneScore for Commercial?

Equifax OneScore for Commercial is a risk model designed to combat the common issue of startups, small businesses, and other new businesses lacking available or current credit data.

More specifically, it predicts the likelihood of severe delinquency on a financial account. This includes accounts that are 91 days or more past due. It also includes bankruptcies and major derogatory events within 12 to 24 months of account origination.

Equifax OneScore for Commercial achieves this by:

• Using an in-depth modeling approach that more accurately predicts delinquency.
• Leveraging the commercial credit database from Equifax. This might encompass differentiated data, merchant data, and beyond.
• Utilizing external non-financial data and alternative data where applicable.

Equifax OneScore for Commercial has proven beneficial for lenders and small businesses. Current data reveals that OneScore for Commercial can help lenders and service providers score as many as 50% more applications.

For the average small business, this can mean an increase of three to four million with access to credit and financial services. If your business credit report or commercial credit score isn’t enough to get you in the door, OneScore can help.

How Equifax OneScore for Commercial Works

Understanding your business credit score is critical to learning how to improve it.

There are several components to Equifax OneScore for Commercial. These include:

• NeuroDecision Technology: Equifax uses its patented NeuroDecision technology and Equifax Amplify AI to generate predictions and insights reliably and accurately. Their advanced analytics make it possible to assess risk even with limited credit history.
• Comprehensive Data Assets: Equifax draws from a wealth of data to assess risk. One resource is the Commercial Financial Network from Equifax. It also draws from public records, firmographic data, transaction history, trended data, personal credit, and more.
• Configurable Solutions: OneScore has 12 industry-specific scorecards. This enables lenders and service providers to make more effective decisions with the right business credit industry report.
• Extensive Coverage: By achieving the above, any small business that is credit invisible is finally able to access credit and bolster cash flow with the support of Equifax OneScore for Commercial.

Equifax also features a diagram that offers insight into how the scoring process works. Here’s a breakdown of the Equifax One Score and the credit information that goes into it.

How OneScore Differs From Older Credit Scores

Any modern business owner has several business credit bureaus and scoring models to leverage for financing. Why do business consumers need Equifax OneScore?

How does the score from this business credit bureau differ from other scoring models? (Think scores from the Fair Isaac Corporation, like your FICO score for business or FICO SBSS.)

We’ve already covered the main point: serving credit invisibles. This business credit score is designed specifically for those who are unable to secure financing because a lack of data is proving to be prohibitive.

What you might not know is that many credit scoring models can be inaccurate. Many scores and risk models are unable to produce accurate predictions and actionable insights when they lack a comprehensive and representative data set.

Equifax OneScore for Commercial stands out from other scoring models because it utilizes such a comprehensive data engine for its predictive risk model. Even for businesses that might not have accurate or available scoring with other scoring models, that doesn’t stop OneScore.

Put simply, OneScore solves many issues present with older commercial credit score models. This makes it possible for credit invisibles to access the resources they need to scale.

How to Improve Your OneScore for Commercial

OneScore solves the issue of accessing credit without reliable credit metrics. It enables you to access funding when your business credit report and scores won’t.

But if you want to grow, unlock better financing opportunities, and make it less challenging to access funding, you’ll need to work on your credit. This includes both your credit scores and credit history.

Specifically, you want to boost your business credit. This is essential if you want to learn how to build business credit without using personal credit. Relying on your personal credit is something you should aim to do less of as soon as possible.

A FairFigure Premium account can be the solution you need to achieve just that.

FairFigure is, first and foremost, a credit monitoring service. Keeping track of your credit scores and credit reports as you work on your credit is essential.

We help you monitor your business credit scores and reports across several business credit bureaus. These include Equifax business credit report and score, Creditsafe, and Dun & Bradstreet.

Meanwhile, our Foundation Report uses data to tell you more about your chances for financing and how much you may be able to access.

The FairFigure Premium account helps you build your credit with every payment. Each $35 subscription payment is reported to each credit reporting agency: SBFE, Equifax, Experian, and Creditsafe.

This helps you build your credit history and scores effectively. You can build on this by acquiring other commercial accounts.

Choosing FairFigure Premium also means accessing a wealth of additional features and solutions. Your Premium account subscription offers:

• Access to Financing: Support your small business with the FairFigure Capital Card or FairFigure Lift credit builder account.
• Additional Services: Access related products like FairFigure Pulse, Guard, and Unify to further support your business.

Navigating credit and financing as a new business can be challenging. The Equifax OneScore for Commercial is a credit scoring model that can prove invaluable in helping you secure lending when you need it most.

If you want to build business credit and make it easier to access financing, register for FairFigure today!