ATLANTA, Dec. 2, 2020 /PRNewswire/ -- Equifax
Inc. (NYSE: EFX) continues to help lenders and service
providers of every size navigate the uncertainty of the COVID-19
economy with the new Response CONFIDENCE solution suite. Response
CONFIDENCE is a flexible set of solutions designed to help
businesses transform today's economic uncertainty into a better
understanding of risk and drive more confident decisions. The suite
enables businesses to visualize new consumer and market trends;
provides the data-driven insights needed to support consumers in
this challenging economic time; and offers tools that empower
people to share alternative data not currently available in credit
reports for a more complete financial picture.
Traditional credit data and scores remain a critical component
of the credit process. However, the impact of the pandemic has been
felt by consumers across credit bands. Whether prime, sub-prime or
thin file, increasing global health concerns and rising
unemployment rates have affected personal finances. A recent
Consumer Credit Confidence survey from Equifax indicated that while
optimism in the wake of COVID-19 is increasing, 53% of surveyed
consumers remain concerned about how the pandemic may affect them
further financially over the next six months.
"Response CONFIDENCE was created with the understanding that
lenders and other service providers want to support customers in a
time of need while safeguarding their businesses for the future.
They require additional ways to assess both consumer credit
worthiness and ability to pay in this unprecedented time," said
Mark Luber, Chief Product Officer
for United States Information Solutions (USIS) at Equifax. "More
data provides more confidence. We have enabled a layered approach
to credit decisioning with the deeper insights businesses need to
responsibly open up new financial opportunities at a time when
consumers need them most."
With Equifax Response CONFIDENCE, lenders and service providers
have access to a suite of solutions that can help them:
Visualize Opportunities
A new cloud-enabled credit
report, OneView™, sets a new standard for how credit insights are
delivered and displayed to businesses. With OneView, lenders and
service providers can obtain a colorful graphical report or a
simple, text-only display with templates designed for maximum
readability. The solution is powered by the industry's first drag
and drop configuration engine, allowing businesses to maximize the
"tiled" format of this unique credit report format for a truly
custom report view and to change report views as needed. OneView is
the next generation of the Equifax TotalView credit solution, which
offered the industry's first full view into credit, employment and
income status, with traditional credit data delivered alongside
employment and income data powered by The Work Number® database.
Additional alternative data sources will be added to OneView in
2021.
In addition, the Credit Trends SmartView visualization tool
within the Response CONFIDENCE suite provides anonymized aggregated
market data on geography, consumer credit, income, employment and
more to help financial institutions spot trends and
opportunities.
Better Understand Unique Consumer Financial Needs
To
increase speed and reduce friction in the consumer credit
decisioning process, the Consumer Income View model can
eliminate the need for a printed W2 form. Combining consumer credit
information with advanced modeling techniques and proprietary data
assets from Equifax, Consumer Income View is included in the
Response CONFIDENCE suite to provide an income estimation needed
for more confident decisioning.
The suite also includes tools to support consumers at the
highest risk for bankruptcy. It further enables portfolio and
strategy decisions like when to initiate a credit line increase or
decrease via the Data Decisions Connected Platform: Customer
Management solution developed in partnership with FICO.
Expand the View of Consumers with Alternative Data
The
recently announced Equifax Cashflow Insights solution is also
available in Response CONFIDENCE. Cashflow Insights is a
consumer-permissioned alternative data offering that empowers
consumers to share online bank account information like balances,
deposits and withdrawals from more than 7,700 U.S. financial
institutions to create a more robust personal financial picture
when applying for loans and other services.
For more information on the full Response CONFIDENCE suite,
please visit our Equifax Response solutions center.
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.