CreditProtect, a commercial credit bureau utilising SaaS technology, has launched in Australia with data and strategic investment support from Experian.
CreditProtect aims to address challenges faced by small and medium-sized enterprises (SMEs) accessing reliable credit assessment information. Developed by Colin Porter, known for founding CreditorWatch and Avenue Bank, the company leverages a combination of traditional commercial credit reporting and advanced analytics to support Australian businesses in their credit decision-making.
Data partnership
The launch of CreditProtect includes access to illion's commercial risk data. As a data repository used by banks, fintechs, telecommunications firms, utility providers and large corporates, illion's resources are expected to enhance the range and reliability of information available on the CreditProtect platform. CreditProtect will also share payment history data derived from its SME customers with illion, thereby contributing to the enrichment of illion's commercial risk bureau.
The strategic investment and data partnership with Experian enables CreditProtect to deploy advanced risk insights and reporting capabilities from launch. This arrangement, according to the company, reduces the need for a protracted period of data development and enables immediate access to extensive datasets for clients.
Affordability and accessibility
A key proposition of CreditProtect is to deliver affordable and accessible credit data solutions for SMEs who have previously found comprehensive credit reporting resources beyond reach due to cost or complexity. By integrating AI technology within its platform, CreditProtect offers users detailed 'reveal reports' - summaries aimed at clearly presenting an entity's credit risk profile.
Colin Porter, the company's Founder, stated his motivation for the new venture:
Credit reporting should be affordable, transparent, and built for the businesses that need it most.
Expanding on the service's benefits for SMEs, he added, "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."
SME risk challenges
Managing customer risk is a significant concern for many small business owners, who often make decisions based on limited information. Andrew Black, Chief Executive Officer at Experian Australia and New Zealand, underlined the importance of robust credit data for SMEs:
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.
Commenting on Experian's support for CreditProtect, Black continued, "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."
Technology and market context
CreditProtect is entering the Australian market during a period of financial pressure for SMEs, many of whom are managing tight margins and seeking more efficient ways to control credit exposure. The platform's emphasis on affordability and its integration of AI are positioned as responses to current market gaps in credit assessment tools for smaller enterprises.
By working in partnership with Experian and drawing on illion's commercial data, CreditProtect intends to provide SMEs across all sectors with reliable, transparent and cost-effective access to credit risk information in an effort to support day-to-day financial decision-making.
