Changing Patterns Acxiom, too, provides data to websites where users can conduct search functions. The Web has changed business in some respects. Indeed, the growth in Internet use has led to the development of EDA services provided exclusively in cyberspace. To use the product, a customer registers at the website, and obtains a password and identification number. While the move to the Web is one of the biggest changes in the industry, another is expansion of data that EDA services provide, says Venner.
Clients can search for a debtor by name, phone number, address, or fax number.
For example, a creditor looking for a corporate debtor can ask for neighboring businesses to contact. Business CreditUSA can also provide a list of a debtor company's top executives. A letter to the president of the company from an attorney gets more response than an anonymous letter to the black hole of accounts payable. It was developed in conjunction with credit and collections scoring companies to provide scoring mechanisms, Thompkins explains. So, at the front end, if a consumer is submitting an application for a loan, a creditor can obtain a score indicating the likelihood the consumer will repay the loan.