COSTA MESA, Calif., March 29, 2012 /PRNewswire/ -- Experian® today announced that it is working with FedBid®, a multi-billion dollar online marketplace, to provide government and commercial buyers with access to thorough and accurate business credit information that will allow them to further vet and verify the contractors and suppliers that bid on the FedBid marketplace.
"Each year, government agencies disburse billions of dollars to outside contractors and suppliers. To reduce fraud, waste and abuse in spending, procurement personnel must have a non-biased method to quickly and accurately assess the business health and responsibility of contractors and suppliers," said Allen Anderson, president of Experian's Business Information Services. "Through our BizCheck badge, we are able to provide an immediate, real-time display summarizing the information in our business database that will help agencies utilizing the FedBid online marketplace to quickly determine if a prospective seller checks out as a financially reliable company."
How it worksGovernment agencies will see one of three Experian BizCheck badges next to a business' listing on the FedBid site. These badges provide a quick look at the credit health of the contractor or supplier by a showing a green, yellow or red check mark.
- Green – signals that the business has been validated by Experian's business database and does not have any active liens, judgments, or major credit issues.
- Yellow – indicates that there are some questions found in Experian's records about the company, and it may need further evaluation.
- Red – identifies a business as having multiple public record filings or credit concerns identified by Experian, and further evaluation is recommended.
Comprehensive commercial dataAgencies can click on the badge and access Experian's SmartBusinessReports.com website to instantly purchase a detailed business credit report on that contractor or supplier.This information is driven by Experian's commercial database, which provides comprehensive third-party verified information on 99.9 percent of all U.S. companies. This data also works with Experian's referential matching system that combines all variations of a company's name, address and associated data into one record providing a high match rate for FedBid's database of contractors and suppliers.