ATLANTA, Sept. 18, 2019 /PRNewswire/ -- Equifax Inc.
(NYSE: EFX) and Urjanet today announced a global partnership that
empowers consumers and businesses to share their payment data from
thousands of utility, telecom and cable providers worldwide for a
more complete picture of individual payment history, easier
identity verification and the potential for better access to
credit. This partnership builds on Equifax's leadership in
alternative data, using the Urjanet Utility Data Platform to
incorporate consumer-permissioned data into the Equifax
differentiated data approach.
Consumer-permissioned data is a powerful form of alternative
data that puts the consumer in charge of what information is shared
with insurers, lenders and other service providers that typically
require a credit report during the application process. Urjanet
enables consumer-permissioned access to information from more than
6,500 electricity, natural gas, water, waste, cable and telecom
providers in 47 countries around the world. This
consumer-permissioned information is helpful not just for
establishing a more concise picture of financial history. It is
also a powerful tool for individual identity verification,
eliminating the need for cumbersome printed utility bill copies
frequently required as proof of address and helping to determine
authenticity with verification directly from utilities, telecom and
cable providers.
"A consumer's financial profile isn't fully defined by their
credit score alone," said Sid Singh,
president, United States Information Solutions (USIS) at Equifax.
"Equifax believes that credit scores can be reviewed alongside
trended data and alternative data to develop a more complete
picture of a consumer's financial profile. Urjanet has built a
platform with access to authenticated, consumer-permissioned
alternative data from utility, telecom and cable providers
worldwide. This data offers a unique view into payment history that
is not currently considered in traditional credit reports, and can
bolster a consumer's profile in the eyes of lenders and other
service providers. We plan to add additional consumer-permissioned
data sources into our solutions, helping consumers with thin or no
credit files to gain better access to credit."
Urjanet research has shown that 91% of U.S. adult consumers have
at least one household utility service in their name that could
further inform lenders of their payment behavior and credit
worthiness to create new economic opportunities. Nearly 60% of
those consumers would be likely or very likely to choose to share
alternative sources of payment history with a lender to improve
their chances of being approved for a loan. With the underbanked
population in the U.S. estimated at 50 million adults by the
Federal Deposit Insurance Corporation (FDIC), there is a
significant opportunity for lenders to drive financial inclusion
with the use of alternative data.
"Whether you're a consumer looking to influence your financial
profile, a lender wanting to better understand your customer, or a
fintech driving the next generation of financial solutions,
consumer-permissioned utility data delivers the insights you need,"
said Urjanet CEO Sanjoy Malik.
"In selecting a global partner, we sought an organization that put
the value of alternative data at its core. Equifax understands the
power of utility data, and they share our dedication to creating
new solutions through data science and technology innovation."
Equifax has long anticipated the potential of alternative data
for both businesses and consumers alike. The company's powerful
suite of differentiated data assets and advanced analytic
capabilities include the largest centralized repository of verified
income and employment information in the U.S., powered by The Work
Number. In addition, the Equifax Commercial Financial Network (CFN)
provides organizations with a 360-degree view of risk, through
traditional and non-traditional types of data, to help
organizations improve decision making and generate revenue. These
capabilities are augmented by the recent acquisitions of DataX and
PayNet.
Joint Equifax/Urjanet solutions will be available later this
year. Additional details can be found at:
https://urjanet.com/alternative-data-partnership-equifax. For
more information on alternative data solutions from Equifax, please
visit: https://www.equifax.com/business/alternative-data/.
ABOUT EQUIFAX INC.
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.
ABOUT URJANET
Urjanet is the world's leading utility
data aggregator, delivering data from more than 6,500 utility,
telecom and cable providers across 47 countries. Urjanet's
cloud-based platform and powerful suite of APIs provide a secure
and scalable way for businesses to access consumer permissioned
data for credit risk decisioning and identity and address
verification. To learn more, visit urjanet.com and follow
the company's news on Twitter and LinkedIn.
FOR MORE INFORMATION
Kate Walker
Media Relations for Equifax USIS
404-885-8058
Sarah Arvin
Media Relations for Urjanet
470-440-2555
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SOURCE Equifax Inc.