We had a surprising realization while developing our COVID-19 risk signals: despite being the most official indicator of business distress, bankruptcy data has not been widely integrated by lenders.
For loss mitigation, bankruptcy data serves as the last line of defense. Even the best underwriting and monitoring programs will inevitably overlook some at-risk businesses. At the same time, some distressed businesses will fail to inform their lenders about bankruptcies. Both scenarios leave lenders exposed to loss. Timely bankruptcy data enables lenders to react while they still can, by surfacing risky businesses, preventing credit line misuse, and minimizing losses.
It’s with all of this in mind that we’re releasing our Business Bankruptcies data attribute today. Enigma’s business bankruptcies data originates from court records and updates daily. The attribute’s high refresh rate enables lenders to track bankruptcies in near real-time.
We know that using this data successfully requires being able to identify your customers within the bankruptcy records. We’ve leveraged our proven entity resolution capabilities to specifically ensure that no bankrupt business in our customers’ portfolio will go unflagged.
Our zero-latency business bankruptcies data is available now and offers national coverage. Sign up for access via our API, or contact us for a free trial.