ATLANTA, Aug. 3, 2020 /PRNewswire/ -- Equifax
Inc. (NYSE: EFX) continues to rapidly develop and
deliver a full suite of innovative Response solutions to help both
consumers and businesses weather the COVID-19 economy and plan for
the future. The company today announced the availability of a new
Response RECOVERY solution suite. Response RECOVERY leverages
advanced Equifax analytics and differentiated data assets to help
lenders and service providers offer the additional services and
support. This solution can help better serve customers in a time of
need and sustain the business growth that serves as the lifeblood
of the American economy.
"Traditional credit scores remain an important component of the
lending process," said Mark Luber,
Chief Product Officer for Equifax USIS. "In an unprecedented period
of recession, we also believe that more data means better decisions
for those consumers and small businesses that need access to
additional credit. Response RECOVERY provides lenders and service
providers with the data and analytics they need to both care for
their customers and ensure the long-term health of their
portfolios."
During the 2008 recession, a prolonged credit crunch impacted
financial institutions' ability to lend, consumers' ability to
borrow, and impaired the financial system overall. Response
RECOVERY was designed to help lenders and service providers
to improve insights as they consider how to extend credit to those
who are eligible for loans and other services at a time when they
need it most.
With Equifax Response RECOVERY, lenders and service providers
can:
Help ensure consumer access to credit.
Point-in-time
and trended consumer insights provide important information for
underwriting during a period of economic instability. This is
designed to provide institutions with the greater confidence in
their underwriting process needed to help ensure consumer access to
credit.
With Response RECOVERY, lenders and service providers get the
information they need to reach out and support their existing
customers already in accommodation situations at other
institutions.
Analyze trends and model strategies.
The new Equifax
Ignite® Market Intelligence Sandbox allows organizations to
securely access and analyze aggregate trends across multiple
Equifax datasets to make more timely decisions related to COVID-19
analysis and other periods of hardship.
Make decisions with the speed of the cloud.
An
increasingly digitized financial services industry and a growing
number of alternative lending channels require near real-time,
actionable data in the cloud as consumers seek loans and other
services from their mobile devices. A new cloud-based Smart Alerts
gives lenders the ability to quickly make competitive offers to
consumers likely in-market for credit cards and other services.
Support small businesses.
Response RECOVERY was also
built with the understanding that small businesses (SMBs) are the
backbone of the U.S. economy. According to a 2019 U.S. Small
Business Administration report, SMBs create two-thirds of net new
jobs and drive U.S. innovation and competitiveness. They also
generally respond to changes in the economic conditions more
rapidly than larger businesses, providing leading indicators of
economic shifts. Response RECOVERY provides reliable predictors of
small business financial stress, advanced signals of business cycle
inflection points and statistically valid indicators of
unemployment change.
The Response RECOVERY solution suite is available now. For more
information, 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.