Business Information Providers Association (BIPA) launches website
London, 1st February 2012: The Business Information Providers Association (BIPA), an association of the five principal Commercial Credit Reference Agencies in the UK, has today launched a new website www.bipa.uk.com.
The website will serve to promote the work of the Association, which was formed in March 2011, to facilitate economic growth through the promotion and protection of statutory publicly available data used by Credit Reference Agencies (CRAs) in the UK. This includes information held at Companies House, which plays an essential role in reducing the risk inherent in business transactions by ensuring credit rating assessments are founded upon accurate data relating to the financial position of businesses.
Further, the website will support the Association’s additional objectives of facilitating greater communication and information exchange between both the CRAs themselves and the wider business community and promoting the positive role this exchange can play in promoting responsible business lending.
Owners and managers of Small to Medium Sized Enterprises (SMEs) visiting the website will find answers to commonly asked questions relating to the role and purpose of Commercial Credit Reference Agencies and how this differs from that played by Ratings Agencies. They will also find insights and guidance about the practical steps they can take to improve their firm’s credit rating in a market where the extension of business lending remains an issue under the national spotlight.
Site visitors will also be able to access news on submissions the Association has made to Government invitations to participate in pre-legislative discussion on relevant policy issues. This includes the current Department for Business Innovation and Skills (BIS) consultations on ‘Simpler Reporting for the Smallest Businesses’ and ’The Plan for Growth’.
The site also includes background and contact information on BIPA’s founding member CRAs, who (in alphabetical order) are Creditsafe Business Solutions Ltd, Dun & Bradstreet, Equifax, Experian and Graydon UK.
Commenting on the website launch Mark Preston, BIPA’s Chairman, said: “In addition to creating a focus point for communicating the work of BIPA, this website will serve as an important information portal for UK company owners and managers who want to understand the role, purpose and value of our industry.
“Access to accurate credit referencing information is an essential part of the lending process. Despite the current clamour for getting money flowing in the economy and the importance of credit for sustained business growth, banks and credit managers remain reluctant to extend funds; so need to know with confidence that they will be repaid.”
“This is why the detail and integrity of the information upon which CRAs assess companies must be maintained. Businesses need to provide more information not less if they want to access money for growth. Cutting what appears to be red tape does not always make the operating environment better for business.”