UK consultancy is helping businesses to tackle the threat of late payment and bad debt with a powerful tool that allows businesses to share critical information about customer payment behaviour.

Equifax is helping businesses to tackle the threat of late payment and bad debt with the launch of its Shared Data Services, a powerful new tool that allows businesses to share critical information about customer payment behaviour. Driving the launch of this service are recent changes in account filing regulations, resulting in reduced availability of accounting information on companies. This is making it harder for organisations to determine the immediate credit worthiness of customers.

Companies also find it difficult to obtain information on the credit payment habits of the growing number of non-limited businesses and sole traders.

Equifax's Shared Data Services offer a flexible, dynamic and timely data sharing tool, which enables members of the Equifax credit community to share both negative and positive data on their customers.

This provides Equifax members with vital information before they agree to new credit terms or accept orders.

Using unique email alerts, the Service notifies subscribers when changes to their customers' credit or financial status has been registered by another member.

Nick Frazer, head of Equifax Business Information Services at Equifax commented: 'Our Shared Data Services provide members of our credit communities with an instant, in-depth understanding of the financial profiles and payment histories of existing and new customers'.

'Our unique email alerts system informs members of any changes to the financial or credit status of a customer as it happens, giving businesses a powerful tool to help tackle the threat of late payment and bad debt.' Members of Equifax's Shared Data Services can submit and receive information on a variety of data items including: payment terms and whether the account is paid to terms; increased credit; 'bounced' cheque presented; stopped cheque; bailiff instructed; collection agent appointed and account on stop.

Court information such as County Court summons, County Court judgments, bankruptcy, legal action and 'winding up' orders is also included in the service to give companies valuable insight into the financial status and payment behaviour of new or existing customers.

Available online and via Equifax's Portfolio Monitoring Service, our Shared Data Services give businesses fast and efficient access to both submit and gather vital customer information to help them manage bad debt and late payment.