Equifax Introduces Commercial Real Estate Tenant Risk Assessment Product Suite
ATLANTA, March 4, 2021 / PRNewswire / – Equifax® (NYSE: EFX) today announced a new suite of commercial real estate (CRE) tenant risk assessments designed to help asset managers and bankers better build, manage, and maintain CRE portfolios . Based on Equifax commercial credit data, the suite provides a more complete financial picture of a building’s commercial tenants to better understand the potential risk and overall performance of any property in times of economic uncertainty.
“COVID-19 has had a dramatic impact on the commercial real estate industry. Tenant payment behavior and demand for space are heavily influenced by social distancing, unemployment and business stress,” he said William Phelan, General Manager of the Commercial Business of Equifax United States Information Solutions (USIS). “Whether you are a CRE portfolio oversight banker, asset manager or real estate manager, understanding the current financial health of buildings and business tenants is becoming increasingly important to avoid loss. The Equifax Commercial Real Estate suite of products Tenant Risk Assessment helps you understand which tenants were financially solid before the coronavirus and better predicts how they will weather the storm. “
According to the National Association of Realtors Research Group January 2021 Commercial Real Estate Trends and Outlook 59% of CRE executives surveyed reported an increase in missed, late or partial rental payments for office, retail and industrial space. Keeping up to date with commercial tenants’ financial health is a challenge for most CRE owners, and rental delays and tenant losses can be costly.
Equifax’s Commercial Property Tenant Risk Assessment suite of products includes a Tenant Risk Assessment Report ™ and a cloud-based application on the Equifax Ignite Marketplace. The report and app can be used to assess a commercial tenant portfolio for financial stability and to identify tenants with elevated risk profiles. The tools can also be used to monitor business tenants on a monthly basis to identify changes in payment patterns and analyze tenants’ ability to move forward with the lease. The suite is supported by an extension of the Commercial Credit History Report. The Commercial Credit History Report can include CRE market statistics data to provide an even broader view of potential business tenants during the credit decision process.
“Smarter insights lead to smarter actions,” Phelan continued. “With this new offering, we are bringing data insights that only Equifax commercial bankers, asset managers and property owners can provide. We go beyond statistics and empower CRE executives to identify new commercial tenants and negotiate lease improvements for customer loyalty and identification potential tenant losses before they occur. “
The Equifax Commercial Real Estate Tenant Risk Assessment Suite is available immediately. For more information, please visit Equifax.com or register to participate 4th of March Market Pulse Webinar: Return to Opportunity for Commercial Real Estate, held at 2:00 p.m. Eastern Standard Time.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe that knowledge drives progress. As a global data, analytics and technology company, we play an essential role in the global economy by helping financial institutions, corporations, employees and government agencies make important decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology provides insights into key decisions that drive people forward. Headquarters in Atlanta Equifax is supported by more than 11,000 employees worldwide and operates or invests in 25 countries North America, Central and South America, Europe, and the Asia Pacific Region. Visit Equifax.com for more information
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Kate Walker for Equifax USIS
SOURCE Equifax Inc.