ATLANTA, Feb. 6, 2020 /PRNewswire/ -- Equifax® (NYSE:
EFX), today announced the grant of a new utility patent that can
help millions of consumers secure prime or near prime offers. The
U.S. patent is for the company's second generation NeuroDecision®
Technology.
Developed by scientists in the Equifax Data & Analytics Lab,
NeuroDecision uses Explainable Artificial Intelligence (xAI)
to help lenders approve more consumers for credit without taking on
additional risk.
While other companies claim to use xAI, they often rely on proxy
or on-average explanations, which do not give consumers the
insights into the decisions and can potentially harm an individual
consumer. Instead, NeuroDecision by Equifax generates logical,
actionable explanations that are tailored to the individual
consumer. This innovative approach leads to a stronger, more
accurate credit score that adheres to regulatory requirements.
NeuroDecision is among the first machine learning credit scoring
methodologies to provide explainable reason codes to consumers and
is currently one of two xAI credit modeling techniques to be issued
a U.S. patent to Equifax.
"There are 91 million Americans with thin credit history who
have to wait years to make meaningful life purchases," said
Prasanna Dhoré, Chief Data and Analytics Officer of Equifax. "With
xAI, we can help people jump to the front of the line and
accelerate their ability to obtain capital."
"This platform also allows Equifax to become one of the early
leaders in what will undoubtedly become the industry standard over
the next decade."
When NeuroDecision is adopted as the industry standard, Equifax
estimates that 8.9 million more loans per year will be approved for
thin file consumers, resulting in more access to capital for
consumers and greater profits for lenders.
Equifax has deployed NeuroDecision around the globe in auto,
communications, utilities, and mortgage risk models. The technology
is currently available to Equifax customers using the Equifax
Ignite® environment.
ABOUT EQUIFAX INC.
Equifax is a global data, analytics, and technology company and
believes knowledge drives progress. The Company blends unique data,
analytics, and technology with a passion for serving customers
globally, to create insights that power decisions to move people
forward. Headquartered in Atlanta, Equifax operates or has
investments in 24 countries in North America, Central
and South America, Europe, and the Asia
Pacific region. It is a member of Standard & Poor's
(S&P) 500® Index, and its common stock is traded on the New
York Stock Exchange (NYSE) under the symbol EFX. Equifax employs
approximately 11,000 employees worldwide. For more information,
visit Equifax.com and follow the company's news
on Twitter and LinkedIn.
For more information:
Ben Sheidler
Mediainquiries@equifax.com
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SOURCE Equifax Inc.