ATLANTA, Jan. 8, 2020 /PRNewswire/ -- Equifax
Inc. (NYSE: EFX), today announced new direct-to-consumer
partnerships with Esusu, MoCaFi and Zingo that will help develop a
more complete picture of a consumer's financial profile. Equifax
wants to offer real solutions that meet people wherever they are on
their personal finance journey. The rent-reporting platforms enable
consumers to opt-in to include rental payment data as part of their
respective credit report to allow a more complete picture of
financial history. All three companies, as part of their credit
education initiatives, will also present their users with a free
weekly or monthly VantageScore® credit score so they can track
score changes over time.
Most renters' on-time housing payments are not reflected on
their credit reports — even though it is often one of the largest
and recurring bills consumers pay. Having little to no credit can
impact a consumer's ability to qualify for a mortgage, finance a
car or take out college loans. These direct-to-consumer Equifax
partnerships with Zingo, Esusu and MoCaFi continue to give the
underserved population an opportunity to add additional payment
depth to their credit histories.
Esusu has been at the forefront of the technology
integration of rent reporting and partners with leading public and
private sector housing developers to report rent payment data to
credit bureaus. It enables tenants to build and establish their
credit scores while helping property owners reduce turnover and
missed payments to increase their operating income. "Esusu's
partnership with Equifax will help accelerate our growth," said
Abbey Wemimo and Samir Goel, Co-CEOs, Esusu. "It will also help
in creating more financial opportunities and access for millions of
Americans."
MoCaFi, short for Mobility Capital Finance, Inc., is a platform
that seeks to provide banking services to the underbanked, while
helping them build credit and improve their economic mobility.
"MoCaFi's partnership with Equifax represents a new paradigm of
what's possible when two organizations come together to drive
financial inclusion," said Wole Caxum, Founder and CEO, Mobility
Capital Finance, Inc. "Our work is already allowing people,
especially communities of color, to see the benefits of using rent
reporting to impact their credit scores. These are exciting times
for us as our work is just getting started."
The Zingo platform collects, verifies and reports
rental payments initiated by the consumer, thus enhancing their
credit profile when consistent payment history is reported. "The
Zingo automated rent reporting platform puts the consumer in
control," said Maria Gallegos, CEO
for Zingo. "Our mission to empower consumer-initiated
rent-reporting to Equifax supports their goal to help consumers
live their best financial lives."
"Our partnership with these market leading rent-reporting
agencies reaffirms our commitment to become a more consumer
friendly data and credit reporting agency," said Tom Madison, SVP and General Manager at Equifax
Global Consumer Solutions. "This will help provide a more
comprehensive view of consumers' payment histories and help people
in the pivotal moments in their financial lives, such as applying
for their first mortgage or buying a car."
"Everyone, regardless of their income or living situation,
deserves the chance to reach their financial goals. Through these
partnerships and continued efforts, Equifax aims to help consumers
live their financial best by understanding their credit throughout
their lifetime," Madison added
About Equifax
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
Zehra Mehdi-Barlas
470-373-2376
mediainquiries@equifax.com
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SOURCE Equifax Inc.