The newest on-line financial service available on Hibernia’s Internet site ([www.hiberniabank.com]) can help small businesses make quick, accurate and informed decisions about extending credit to their business customers.
From the Hibernia Web site, users can link directly to CreditFYI(SM), an Internet service developed by Fair, Isaac and Company, Inc., and Net Earnings. Through CreditFYI, small businesses can obtain immediate credit evaluations of their small-business customers.
Historically, small companies have had to go through the time-consuming and expensive process of obtaining and evaluating lengthy credit reports and other data before deciding whether to extend credit terms to their small-business customers. The new CreditFYI service uses proven credit-scoring technology to evaluate the creditworthiness of small businesses across the U.S.
Each evaluation includes a concise overview of the company’s credit history and highlights, along with an assessment of the customer as relatively low, moderate, high or very high risk. Credit history includes information such as reported tax liens, bankruptcies and late payments to creditors.
Each CreditFYI evaluation costs $14.95, which is billed to the credit card of the customer ordering the evaluation. If enough information on a company is not available to produce an evaluation, a CreditFYI summary shows the available information at a cost of $4.95.
“CreditFYI is one of the fastest and most affordable ways to help small businesses decide whether to extend credit to specific customers,” said Stan Demarest, Small-Business Banking marketing and product manager. “It won’t make the decisions for them, but it will give them the information they need to make better decisions. As a result, it will help many of our customers manage their cash flow better.”
From Hibernia’s Web site, a small-business owner can review a sample evaluation from CreditFYI, gather information about the service, learn about extending credit or order a credit evaluation. Once there, the user only needs to enter the name of the customer for which the evaluation is sought and the state in which the customer is located. In less than a minute, the evaluation or summary will appear on the screen.
Hibernia, a leading provider of innovative business solutions to small businesses, is the only bank in the mid-south, and one of only four financial services companies in the U.S., to offer CreditFYI.
Following completion of pending mergers, Hibernia would be a $13.8-billion-asset banking organization with 253 banking locations in 34 Louisiana parishes and 12 Texas counties. It would be either first, second or third in deposit market share in 32 Louisiana parishes and five Texas counties. Hibernia’s Louisiana markets represent approximately 82% of the state’s population and 86% of its deposits. Its statewide Louisiana deposit share would be 22%.
The company’s common stock (HIB) is listed on the New York Stock Exchange. Hibernia news releases, product-and-service information and other useful data can be accessed through the company’s Internet site at [www.hiberniabank.com]. Requests for information about Hibernia products and services can be e-mailed to [firstname.lastname@example.org].