NORTHVILLE TOWNSHIP, Mich. - Credit unions in Michigan will soon have another resource to turn to for access to small business owner credit history.
CUcorp, a subsidiary of the Michigan Credit Union League, has joined forces with Equifax Inc. to provide credit unions with a small business credit data solution. Under the terms of the agreement, credit unions will have access to the Equifax Commercial Credit Database, which includes Small Business Financial Exchange information reported by the nation's financial institutions. The SBFE database contains a range of positive and negative tradeline information about small businesses such as loans, leases and commercial credit cards. It aims to allow credit unions to determine when to extend credit and grow their portfolios with the right lending customers.