16 hours ago
CreditProtect goes live with backing from Experian
A new SaaS commercial credit bureau has launched today with the backing of Experian, a global data and technology company known for its credit data and risk management expertise, aiming to enhance the credit assessment process for SMEs in Australia.
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CreditProtect, which leverages both traditional commercial credit reporting data and SaaS analytics, is the latest brainchild of entrepreneur Colin Porter, who previously founded CreditorWatch and Australia's newest ADI, Avenue Bank.
CreditProtect launches with access to some of illion's extensive repository of comprehensive commercial risk data used by a range of leading banks, fintechs, telecommunications, utility providers, and large corporates. As part of the collaboration, small business payment history data from CreditProtect will also be shared with illion to enhance the depth and breadth of illion's commercial risk bureau. The strategic investment in CreditProtect by Experian and data partnership with illion eliminates years of data development, allowing CreditProtect to deliver its own powerful risk insights and capabilities from day one.
Through CreditProtect, Australian SMEs will be able to access leading data at a more affordable cost, with the company harnessing AI advantages in credit reporting to provide customers with a comprehensive 'reveal report' to assess customer risks. The combination of data gives smaller businesses more information of an entity's credit history.
Speaking on the launch, Colin Porter, who spent more than a decade reshaping Australia's commercial credit industry and the past two years developing CreditProtect, said, 'Credit reporting should be affordable, transparent, and built for the businesses that need it most.'
'We're entering the market to offer real value, powered by data and scale, providing access to insights captured through AI. We have optimised our platform through smart technology choices and AI to bring the most affordable product to market. SMEs want more for less and we're here to deliver it.'
Speaking on the challenge for SMEs, Andrew Black, Chief Executive Officer at Experian Australia and New Zealand, said, 'Cash flow is the lifeblood of any small business, yet far too many SMEs are forced to take unnecessary risks simply because they lack access to the right tools. Knowing who you're doing business with—and whether they can pay on time—shouldn't be a guessing game.'
'That's why we're proud to support the launch of CreditProtect. By combining illion's deep data expertise with Colin's specialist knowledge, this SaaS platform gives SMEs powerful, easy-to-use risk assessment tools that are both affordable and accessible. It's a game-changer for businesses that need to protect their bottom line while focusing on growth.'
