ATLANTA, Dec. 11, 2018 /PRNewswire/ -- Equifax Inc. (NYSE:
EFX) has received a utility patent (Patent Number 10133980) for its
proprietary and innovative NeuroDecision® Technology from the U.S.
Patent & Trademark Office. NeuroDecision is the first machine
learning credit scoring methodology reviewed by regulators and
credit scoring experts. NeuroDecision develops an explainable
neural network model that improves performance and accuracy, which
gives customers the ability to make more informed business
decisions when assessing risk. The innovative technology was first
introduced to Equifax customers in March and is in market
today.
"Every day, we are using artificial intelligence and machine
learning to help our customers make smarter, more informed
decisions to grow their businesses and better serve
consumers," said Prasanna Dhore,
Chief Data & Analytics Officer for Equifax. "The response from
our customers to NeuroDecision in the short time it has been
available is outstanding. We're proud to be the only company that
can deliver real value for customers through this unique,
explainable credit scoring methodology, and we will continue to
invest in proprietary research and development to evolve the
technology and lead the industry."
The NeuroDecision Technology Difference
In the past,
the fundamental challenge in using neural networks for credit
scoring has been the ability to explain the basis for an outcome,
which is a necessary regulatory requirement. Through NeuroDecision,
the models developed for credit scoring yield increased performance
and flexibility, while also being explainable, predictive and
stable over time.
This unique process is interpretable to customers and
regulators, enables a deeper understanding of consumer behavior and
is applicable and deployable wherever traditional scorecards are
appropriate.
"As the technology has been developed and refined, we have met
frequently with regulators to ensure compliance and to illustrate
how NeuroDecision helps ensure fairness in scoring while also
providing consumers with logical, actionable explanations for the
key factors that impacted their credit scores," said Kim Oliver, Chief Compliance Officer for
Equifax. "The NeuroDecision solution shatters the 'black box'
challenge for customers who wish to use neural networks to better
predict the future behavior of consumers; reducing risk and
empowering them to create more customized and appropriate offers,
products and services."
Equifax is currently using NeuroDecision in configurable
solutions for customers using the Equifax Ignite® environment.
Equifax Ignite is a portfolio of premier data and advanced
analytics solutions that supports the full analytical life cycle –
from data access and transparency to visualization and deployment –
using a single, connected suite of advanced analytical processes,
technology and tools. NeuroDecision is also currently deployed in
commercial and consumer risk models. The company's data scientists
have deployed NeuroDecision around the globe in auto,
communications, utilities and mortgage risk models.
Consistent Innovation in Data & Analytics
Scientists in the global Equifax Data & Analytics Lab are
leading the development of new innovations in predictive analytics,
machine learning and explainable artificial intelligence. The
company recently launched Equifax Ignite™ + InterConnect®, an
enhanced solution that creates an integrated experience helping
Equifax customers make smarter, faster decisions with unique data.
Other recent innovations include Peak
Attributes and Advanced Model Engine. From machine
learning to natural language processing, Equifax is exploring how
to harness these techniques in order to improve lending decisions,
bring new consumers into credit markets, and help lenders identify
fraudulent activity.
Follow Equifax product news on Twitter at
@EquifaxInsights and on LinkedIn at Equifax Business
Insights.
ABOUT EQUIFAX
Equifax is a global information solutions company that uses unique
data, innovative analytics, technology and industry expertise to
power organizations and individuals around the world by
transforming knowledge into insights that help make more informed
business and personal decisions.
Headquartered in Atlanta, Ga.,
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
Jacob Hawkins
Media Relations
MediaInquiries@equifax.com
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SOURCE Equifax Inc.