May 11th, 2010 by Alex Coté
Today we officially launch Cortera Circles™ – our latest effort to fix an industry that is in need of some new thinking and bring the best of the social web to the world of commercial credit. We have not been shy about our belief that the B2B credit information space is in desperate need of innovation – it’s time to move beyond the 1970’s centralized information broker model. Circles extends our existing rating and review capabilities by enabling business pros to form groups of trusted peers. Just like on popular social networking websites you can invite friends and colleagues to join your Circle – but what’s unique about Circles is that now you have a platform dedicated to sharing payment experience among your own personal network.
Think of Circles as LinkedIn meets business credit reporting – the ease of joining a LinkedIn group meets the sharing of real deal/hard numbers of an offline credit group. Have a question about a business who you are about to extend credit? Now you can ask your peers with your own credit Circle. In just a few minutes you can create and invite your business friends and best of all it’s free to use and open to anyone. Need insights outside of your own network or entering a new market, simply browse the many existing Circles to the tap intelligence of thousands of others.
Business credit reporting, risk management tools and systems are hardly new – Cortera itself is one of the more successful providers of such solutions. But to date, such solutions run algorithms, business rules, and static, structured data feeds to help companies more efficiently identify risk. Cortera Circles will, in contrast, thrive off of ongoing and ever changing contributions and sharing between like-minded businesses. This dynamic information will be exclusively crowdsourced. Microgroups will serve the immediate needs of localized and project-specific audiences to provide insight into risks that are hyperlocal in nature and far too specific to be accurately addressed by traditional solutions. Today’s report-based solutions as point-in-time snapshots that immediately age—a result of decades old technology that has evolved little despite the social web’s impact on nearly every other aspect of business. In contrast, Cortera’s group sourced approach delivers a live risk assessment, continuously updated by the community.
Have a question about a business’s ability to pay their bills in a timely manner? We make it as simple as asking your Circle.
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