LexisNexis® Announces Business Risk Information Initiative to Provide More Comprehensive and Accurate Data Coverage of Small and New Businesses
June 11, 2014 — Announces Enhancements to Find a Business and SmartLinx® Comprehensive Report Products
ATLANTA – LexisNexis® Risk Solutions today announced the availability of Business Risk Information (BRI) which will provide customers more comprehensive and precise information to assess the risk associated with businesses.
BRI enables customers to make more informed and confident risk decisions with more coverage – 25 percent more U.S. businesses than any other provider with information from more than 13,000 public and other proprietary sources; more intelligence about people connected to the business by linking to people and business repositories; and more clarity through a patent-pending multi-dimensional architecture that captures complex relationships between business entities in order to make informed and confident decisions related to lending, fraud, compliance, and other interactions.
This is critical for applications such as credit risk decisioning, business due diligence, identity verification and authentication, collections, compliance, and supplier management. For credit risk decisioning applications, businesses will benefit from the coverage of more businesses and understand more about the people connected to the business by their risk indicators like assets and other business interests. For verification and authentication, businesses will be able to verify small business information more accurately, while protecting their commercial customers from identity theft through stronger authentication.
"Now our customers will have greater coverage of smaller businesses and associated people and greater accuracy through our linking technology," said Tom Brown, Senior Vice President, Financial Services, LexisNexis. "For example, one of the customer use cases we see is for lenders looking to expand the universe of prospective customers without taking on excessive risk by targeting under-penetrated small and new businesses."
Understanding a business entity and its connections to individuals and other businesses is a complex and evolving process that has created many industry-wide issues. This is important because it provides a means to efficiently mitigate risk. For example, the ability to identify small and new business entities will help assess and not over or underestimate risk. There's also a lack of information on people associated with a particular business entity. Finally, entity connection errors can occur because most providers ignore businesses with no physical presence -- such as shell or shelf companies -- providing a skewed or inaccurate understanding of the risks.
LexisNexis senior specialists in content, linking and query have focused exclusively on this project in order to deliver superior business identification and verification information. Investments span technology, new data sources, data linking, and product development.
LexisNexis also announced the availability of BRI-related enhancements to its financial services products, Find a Business and SmartLinx® Comprehensive Report. The enhanced Find a Business search adds 11 million additional federal employer identification numbers (FEINs) to the database and cuts no-hits in half. The enhanced SmartLinx® Comprehensive Report provides more accuracy and an enhanced user experience.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors.
Our financial services solutions assist organizations with preventing financial crime, achieving regulatory compliance, mitigating business risk, improving operational efficiencies and enhancing profitability.