Equifax Acquires SMB Credit Rating Firm PayNet
Founded in 2000, PayNet provides a range of services and data products for leasing and commercial lending companies to make better credit granting and other decisions by understanding the credit history and risks of small and medium businesses. Equifax announced their acquisition of the company, for an undisclosed amount, on April 24.
PayNet and employees are now part of Equifax’s United States Information Solutions, the credit bureau’s largest business unit. PayNet claims to have the largest proprietary database of small business loans and lines of credit, as well as lease agreements, totaling more than 24 million contracts between SMBs and their lenders or lessors. Credit analytics are performed and provided based on this proprietary data to help commercial banks, lenders and lessors make credit decisions.
In their official press release Equifax notes that PayNet has a “unique and highly regarded data asset in the commercial lending and leasing market,” and that combined with the vast data assets that Equifax controls it will strengthen and increase their data decisioning and analytics capabilities.
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