Equifax data in Xero: so you know who you're doing business with

See the credit risk of companies you do business with in Xero and assess your risk exposure beforehand. The risk scores are provided by Equifax, Australasia’s leading credit bureau.

Make informed decisions about who you do business with.

View a business’s credit risk powered by Equifax easily in Xero and choose your terms of trade when you do business. Reward businesses with favourable payment terms when they have a low risk score. Play it cautious or do some further digging before you do business with someone with a high risk score - ask for deposits or full payment upfront and avoid being out of pocket.

 

Xero live contacts

Xero’s integration with Equifax makes finding a business easy. Use Xero’s lookup function to search for a business name, postcode, business location, or Australian Business Number (ABN).

Start typing and let the information you’re after auto-fill from the Australian Business Register. Cut down time on data entry and avoid typos.

 

Xero and Veda credit risk indicator

Get a more complete picture of who you’re doing business with. Xero displays the credit risk for the companies you do business with. This is an assessment of the risk of default or non payment based on the company’s payment history.

To find out more you can purchase a SwiftCheck credit report from Equifax – just select View report from within the Xero contact screen.

 

Xero + Equifax: your questions answered

How can a credit risk indicator help my business?

Knowing the level of risk associated with companies you do business with, such as how late they physically pay their invoices, can help you make more informed decisions about who you’re dealing with. If a customer is high risk, you can purchase a SwiftCheck credit report to get a better insight into what payment terms would be most suitable, or ask for deposits or full payment up front. Learn more about credit reporting in this small business guide.

Where is the credit risk indicator information coming from?

The Business Lookup and credit risk information is powered by Equifax. Equifax sources the credit risk indicator information from multiple sources, and takes into account details of any commercial credit defaults and other debts, public record information, court judgements and writs, directorship details and proprietorship details. The multiple sources for the credit risk indicator are the same as Equifax’s commercial credit score – eg. courts, ASIC data, public record information, etc.

Xero does not exclusively hold this information or share information back with Equifax, Xero is simply making it easier for businesses to get access to a business’s credit score.

Why does my business show a high risk score?

A number of factors go into making up a credit risk indicator. If your business has been reported for defaulting on payment of invoices, has any outstanding legal actions or has gone into external administration, then these could increase its risk score. Learn more about what a credit score is and how to improve yours in this small business guide

What can I do about my business's high risk score?

To find out what has affected your business’s credit risk indicator, you can purchase a SwiftCheck credit report from Equifax. If you’re still unsure, you can email swiftchecksupport@equifax.com.     

I believe there’s something incorrect on my file; how can I fix it?

Firstly, we recommend that you speak to the company who applied the default. You can purchase a SwiftCheck report to see the detailed information held on your credit file.

Only the company who applied the default in the first place can remove it (i.e. the company will get in touch with Equifax as a first step). If you feel that you haven’t got to a resolution and want the matter investigated, it is at this stage that we recommend you contact Equifax. You can submit a correction request. Equifax will investigate your query and assist with any changes if required.

Who is Equifax?

Equifax (previously Veda) has grown from a credit company into a leading provider of insights and knowledge that help businesses make informed decisions. The company provides credit information on more than 91 million businesses worldwide. Learn more about Equifax.

What is a credit bureau?

A credit bureau is a company that collects and maintains individual and commercial credit information. This information is used by lenders and creditors to make lending decisions and credit risk assessments.

What is a credit risk indicator?

A credit risk displays a number ranging from -200 to 1200 that predicts the likelihood a business will have an adverse event recorded on their credit file within the next 12 months.

An adverse event on a credit file is something that could negatively impact a business’s ability to repay their debts. Some adverse events include defaults, going into external administration and any court actions. These actions can lower a business’s overall credit score.

How can I access more information about a business I am dealing with?

To get more information on a business, click through from your business lookup in Xero and purchase a SwiftCheck credit report from Equifax. A complete picture of a business you’re dealing with lets you see how they operate to mitigate the risk of not getting paid.

How do I get access to the business lookup?

The business lookup is enabled by default as part of a Xero subscription when you add a new contact.

Do I have to pay to use the business lookup and see a business's credit risk?

No, it’s available to all Xero users with access to contacts in Australia and New Zealand.

Can I hide my business’s credit risk indicator in Xero from other Xero users?

No. The Equifax credit risk is displayed to make it simpler for businesses on Xero to view what is already publicly available information and to check the credit worthiness of companies they do business with.

Where can I go for more information about SwiftCheck?

Visit the Equifax website, see the frequently asked questions there, and watch the video below. 

Xero and Equifax take away the guesswork

You can purchase a full SwiftCheck credit report from Equifax right from your Xero contact entry. The report gives you the complete picture of a company or supplier’s payment history and credit risk. Sign up to Equifax to access credit reports on all their contacts through Equifax’s SwiftCheck service.

Find out more

View a detailed report on a company’s credit risk with Equifax

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