Electronic Data Associates (EDA) specializes in a different type of unstructured data: UCC-1 filings. The company, founded in 1988 by Scott Campbell and former Dun & Bradstreet executive Bill Howell, is in the business of helping companies manage financial risk by monitoring and reporting on commercial liens, especially when it comes to manufacturing, servicing and selling large equipment. So when a business needs to decide how much credit to extend to a buyer of, say, a crane or a backhoe or an industrial-sized tractor, that company needs the best information it can get on the credit-worthiness of its new partner.
Here’s how EDA helps. EDA’s employees manually review and key-in data contained in UCC-1 filings, since the data cannot be accurately captured via automation. In case you’re not familiar with them, Uniform Commercial Code-1 filings are legal forms that are publicly available from state governments. Creditors file UCC-1 forms to give notice that they have an interest in the personal property of a debtor. EDA pulls in key data points such as manufacturer, model, serial number and equipment description of those assets.
Although many industries use UCC-1 filings, EDA focuses on the following eight that it believes provide the most value to users:
- Lift trucks
- Machine tools
- Office equipment
EDA offers 100% coverage within these industries and has created an extremely powerful dataset and tool for end users in sales and marketing, finance, OEM and other roles.
EDA enriches its core data set with Dun & Bradstreet firmographic data, such as sales revenue and number of employees, to create a more targeted record for end users looking to achieve their sales objectives without incurring undue financial risk.
Businesses can find and purchase EDA data through the D&B Data Exchange program, which matches third-party data to commercial records using the D-U-N-S Number identifier. The two companies have expanded their partnership to include sharing and aggregating verified data to create a more comprehensive picture of business activity and risk in target industries. This business insight helps businesses in those industries make better decisions by understanding how they can penetrate their market opportunities efficiently – and still stay informed about growth trends and emerging market opportunities.
Image credit: EDA