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 works
Government 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 data
Agencies 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.
"We are excited to work with Experian's Government and Business Information Services teams to provide useful indicators of sellers' business health, so we can continue to provide government and commercial buyers with an online marketplace that promotes good business practices," said Geoff Edwards, Vice President of Market Operations at FedBid. "When buyers see that green "BizCheck Approved" badge next to a seller's business listing, they will immediately know that the business is validated and monitored by Experian. Buyers can also take the next step in their due diligence process by accessing a detailed Experian business credit report on the potential awardee, so they can have additional documented, commercially available information showing the seller is a financially reliable company."
About FedBid, Inc.
FedBid, Inc. operates the fully managed FedBid® online marketplace, revolutionizing how the government and businesses buy. By creating a new world of 'FedBid-able' buying, where the principles of opportunity, transparency and competition prevail, FedBid empowers and energizes its customers, giving them the confidence to take control of the buying process and freeing them up to focus on moving their organization forward. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID. FedBid — Better Buying | Smarter Selling®
Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was $4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
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Luther D. Tupponce
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