ATLANTA, Oct. 29, 2020 /PRNewswire/ -- Equifax®
(NYSE: EFX) understands that nearly every type of consumer -
whether prime, subprime, credit thin or credit invisible - has felt
the financial impact of COVID-19. The company today announced a new
Cashflow Insights solution designed to give lenders and service
providers the additional confidence they need to responsibly open
up credit opportunities at a time when people need it most. The
consumer-permissioned data offering empowers individuals to
directly share their online bank account information, including
balances, deposits and withdrawals from more than 7,700
participating U.S. financial institutions, to help create a more
robust personal financial profile when applying for loans and other
services.
While credit reports remain a strong indicator of credit history
and past financial reliability, bank transaction, data Fair Credit
Reporting Act (FCRA) compliant information that is not included in
traditional credit report data, has the potential to help
responsibly expand consumer access to credit opportunity and
support a more inclusive economy. Equifax data shows that
availability of consumer-permissioned bank transaction data could
reduce the credit unscorable population of 32 million U.S.
consumers by as much as half. Layering this consumer-permissioned
bank data with the traditional credit file can also positively
impact credit standing – increasing the number of prime or better
consumers by more than 5 million people.
"COVID-19 uniquely impacts every type of consumer. When a person
goes through a major life event, credit data may not immediately or
fully reflect changes in their ability to pay obligations or to
safely take on new loans, services or rental agreements," said
Mark Luber, Chief Product Officer
for United States Information Solutions (USIS) at Equifax. "New
credit opportunities are increasingly important in today's economic
climate. Cashflow Insights is another way that Equifax is
delivering differentiated data assets that provide consumers
financial opportunity based on their unique profile."
Cashflow Insights is available to consumers now through
participating lenders. To share information, consumers simply log
into an online portal, select their bank, verify credentials and
provide their consent for a prospective lender or service provider
to access the information. Up to 24 months of bank transaction data
is then quickly and securely shared and can be used to approve a
loan or service application. The solution also helps applicants
eliminate the time-consuming process of locating paper copies of
historical bank statements.
The Cashflow Insights solution joins a powerful suite of Equifax
advanced analytic capabilities and differentiated data assets,
including: The Work NumberⓇ database, The Equifax Commercial
Financial Network (CFN), DataX, the IXI Network, PayNet and Ansonia
Credit Data. The company is also a member of the Financial Data
Exchange (FDX), a nonprofit dedicated to unifying the financial
industry around a common, interoperable, royalty-free standard for
secure and convenient consumer and business access to their
financial data.
For more information, please visit equifax.com.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe
knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employees, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta
and supported by more than 11,000 employees worldwide, Equifax
operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information, visit Equifax.com
FOR MORE INFORMATION
Kate
Walker for Equifax USIS
mediainquiries@equifax.com
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SOURCE Equifax Inc.