According to the US Census Bureau, the creation of new businesses is increasing, with over 5.4 million new business applications filed in 2021. Yet, without an existing business credit report, financial institutions can't authenticate a business and owners can have a hard time accessing fair and affordable credit options. The relationship will allow cash-flow data to be used to verify and establish an Experian business credit file for new-to-credit businesses. It puts the control in the hands of business owners to begin building credit on their own terms instead of relying on third-party reporting.
Business owners can visit Tillful's website to see if their company has a credit profile with Experian and, if available, access their existing Experian business credit score through Tillful at no additional cost. If a credit profile is not present, owners will have the option to request that their Tillful profile be shared with Experian so that a business credit profile can be established.
Combining traditional business credit data with owner-permissioned data has the potential to provide lenders with the insights needed to help increase financial access for businesses. The long-term focus of the Experian and Tillful partnership is to help provide a more complete picture of a business' financial health by integrating real-time transaction and cash-flow data with Experian's traditional business credit data.
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