Simple Verity can be a valuable tool for small business owners. If you run a small business that extends credit to customers or needs to set up working relationships with vendors, you might look at a service like Simple Verity. Essentially they provide full background checks on individuals and vendors. There are a number of other reference check services on the market today, but Simple Verity claims that it can provide a more complete file including information often missed by these services.
FinTech Spotlight: How Simple Verity Can Help You Vet Customers
There are a number of reasons why a small business owner may need to do a background check. The standard set includes employee verifications, credit line issuance, or vendor screening. Simple Verity can also work with banks and other financial services firms providing background information along similar lines.
For standard background check services, typically an owner would need to file a form with one of these companies and wait for a file to be returned during normal business hours. Simple Verity automates the process and operates around the clock, which as a business owner, can be handy if your paperwork time slot is after business hours.
The report comes from 20 different verification sources including phone numbers and email so if you’re looking up another small business that does not have a lot of data on file with major bureaus, you should still see enough information to make a determination about that business and their creditworthiness. Simple Verity aims to take a lot of the guesswork out of working with these businesses. Credit and lending in the small business arena amounts to some two trillion dollars per year, often with limited information about the prospects of getting paid back.
Small business owners themselves may want to pull their own Simple Verity report and ensure that all the information is correct. Given the number of sources they check, you may find that some information is incorrectly listed about your business and can take steps to resolve that. Credit markets in the US right now are historically tight – making it hard for small businesses to get the loans they need and very often, denials are based on incorrect or incomplete information.
Going through a service like Simple Verity can also open up new lines of capital or credit that you, as a small business owner, may not have been able to get before simply because of missing or incorrect information. The company is quick to point out that the report isn’t a traditional credit score but it can be a tool to help make more informed decisions about what to do, and give a little more color to that number. Pricing is based on the type of relationship a business or bank wants to set up with Simple Verity and the checks they need.