SMB Credit Platform Tillful Partners With Experian to Profile New Businesses

Tillful, a small business credit platform, will partner with Experian on making credit profiles for businesses that are new to credit or credit-invisible, a press release said.

The making of new businesses is going strong, as there were more than 5.4 million new business applications filed in 2021, according to the U.S. Census Bureau.

The report says this partnership will let cash-flow data be used to set up an Experian business credit file for businesses new to credit. This helps because, without an existing business credit report, financial institutions are unable to authenticate a business — and owners don’t have an easy time getting good credit options.

“There are over 32 million small businesses in the U.S. They’re the lifeline of many local communities, but many are new to credit, unable to qualify for the loans they need or simply don’t want to apply for credit out of fear of being declined,” said Hiq Lee, president of Business Information Services at Experian. “Our work with Tillful will allow more small businesses to establish their financial footprint and ultimately help them get credit.”

The release says business owners can now visit the Tillful site to see if their company has an Experian profile. If available, users can get access for their existing Experian credit score through Tillful.

And if a credit profile isn’t there, the owners can request that their Tillful profiles be shared with Experian to set one up.

See also: Experian, Temenos Offer Instant Prescreen, Credit Solutions

Last year, Experian teamed with Temenos, a banking software firm, to integrate offerings between them to add a way for lenders to extend credit.

The collaboration lets Experian connect its PowerCurve product with Temenos’s Infinity product, which relies on Experian’s “prequalification” process to give consumers a variety of credit options.

“During this unprecedented time, organizations have to be agile in how they approach the user journey,” said Experian President of Decision Analytics, North America, Robert Boxberger. “Through this integration, we’re harnessing the power of data and technology to enable financial institutions to make real-time decisions that maximize opportunities, mitigate risk and improve the customer experience.”