ATLANTA, May 24, 2021 /PRNewswire/
-- Equifax (NYSE: EFX) is bringing new decision
intelligence to lenders and other businesses with the
cloud-based OneView™ report which now includes access to real-time
income and employment information from The Work Number® database.
The visual OneView report sets a new industry standard in the
delivery of consumer credit insights by providing access to
traditional credit data and differentiated data sources that only
Equifax can provide in a single inquiry to help businesses quickly
and responsibly open up new financial opportunities.
Equifax analysis shows 91.5 million consumers in the U.S. with
thin credit files or no credit files. Layering data from The Work
Number into credit decisioning could improve access to credit for 7
million people, many of whom are currently credit thin or credit
invisible.
"When employment and income data from The Work Number is
included in credit decision models, lenders can paint a more
informed financial picture of each individual to help consumers get
the credit they need," said Joel
Rickman, Senior Vice President of Verification Services at
Equifax Workforce Solutions. "OneView delivers a simple, seamless
process for business customers to simultaneously request data from
multiple sources in a single request and configure the output into
a summary that can help improve speed to decision."
Getting the most accurate assessment of consumer credit risk and
opportunity requires starting with the most complete and current
data possible. The Work Number database delivers real-time
employment and income data provided directly by employers and
payroll providers and is updated every pay cycle. In a recent
study, Equifax analytics found that utilizing traditional credit
reports alongside The Work Number data could lift approval rates by
more than 5 percent in a card portfolio.
"We understand that every business is singular, and every
customer interaction must be highly personalized," said
Mark Luber, Chief Product Officer
for Equifax United States Information Solutions (USIS). "Two people
with exactly the same credit score can have very different
financial profiles and very different financial needs. Two
businesses may have different appetites for risk and different
underwriting guidelines. The Equifax Cloud enables us to create
unique, multi-data source solutions like OneView to provide the
tailored, customizable insights each lender needs to power more
intelligent decisions for their business and their customers."
OneView summarizes certain information on a single page to help
financial institutions focus on the information that matters most
to their decisioning. Powered by the industry's first drag and drop
configuration engine, OneView allows businesses to customize their
reports to focus on the information that best suits their decision
models and priorities. Graphical charts provide historical credit
data analysis and directional insights, helping lenders more
quickly visualize key credit decisioning drivers.
Leveraging the Equifax Cloud, OneView is the next generation of
the Equifax TotalView product, which provided the industry's first
full view into credit, employment and income status, with
traditional credit data delivered alongside employment and income
data. Current Equifax OneView customers with existing access to The
Work Number service for digital verifications can leverage this new
functionality today. The Work Number database, which is separate
from the Equifax credit reporting database, is the largest
commercial source of consolidated employment information, with
nearly 115 million active employee records.
For more information on The Work Number, visit
TheWorkNumber.com. For more information on OneView, 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, employers, 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 24 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
mediainquiries@equifax.com
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SOURCE Equifax Inc.