Credit Scoring Gets Pocket-Size
Credit scoring will go hands-free with the release of BizGo, a new mobile application from Experian's Business Information Solutions group. The information service company today announced that users would now be able to access Experian's expansive database of company credit information from their Web-enabled cell phone, PDA, or hand-held device. Designed primarily with sales reps in mind, Experian hopes that the new product will help its software expand further into the SMB market and keep its solutions fresh and competitive in an increasingly mobile world.
Craig Whitney, senior director of access solutions for Experian's Business Information Solutions group, explains Experian's inspiration. He says, "We saw this tremendous growth in mobile handheld devices. Now people were starting to want to get instant access to that kind of credit information." Prior to the release, Experian found 20 percent of its users had a Smartphone or BlackBerry and 52 percent were accessing the Web through their cells. Additionally, 41 percent of customers said that their sales reps would be able to get immediate approval for credit and 36 percent said that credit information would allow them to better prepare for a sales call.
Now with BizGo, Experian users can access full company credit reports which include contact information, number of years in business, annual sales, SIC code, and a credit standing evaluative grade. The reports cost $2.95 each and once a report is purchased, it may be accessed for the next seven days. Christine Pratt, research director for Financial Insights says, "This is an interesting way to provide a service [Experian] already knows is valuable. This is like giving the opportunity to see whether or not this is a place they'd want to move in on very quickly."
Experian says that there is the possibility this release acting as a springboard for more mobile products. However, Whitney says, "We have some other ideas, but we're going to stick with this one for a while." Experian plans on focusing this products impact on small business users, to try to expand in this space by catering directly to their needs. Pratt says that the high specialization of this product will allow them to stay popular in this niche as there are not a lot of competitors who have the depth of Experian's credit information. "I don't know that there's a huge group of companies out there waiting to jump, but I do think that are a couple that could be extremely interested in following suit."
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