ATLANTA, April 13, 2021 /PRNewswire/
-- Equifax® (NYSE: EFX) continues to expand its
leadership in alternative data solutions with the introduction of
Payment Insights. Developed in partnership with Urjanet, the
cloud-based Payment Insights solution promotes greater financial
inclusion, regardless of the consumer's traditional credit score,
by empowering consumers to share utility and telecom payment
history with banks or lenders when applying for loans and other
services.
According to the Federal Reserve, 63 million American adults are
either unbanked or underbanked. These individuals may rely on
high-cost alternative financial products and services such as check
cashing services or pawn shop loans to meet their day-to-day
financial needs. Helping more of these consumers obtain access to
mainstream financial services and products requires new insights
into individual financial history.
"Urjanet data has shown that more than 90 percent of U.S. adults
have at least one household utility service in their name," said
Mark Luber, Chief Product Officer
for Equifax United States Information Solutions (USIS). "The
Payment Insights product was designed with the understanding that
utility payment information is a powerful source of data when
traditional credit insights may not be available. Broader
visibility into a person's ability to pay has the potential to
positively impact a person's financial profile. We are giving
lenders smarter insights that improve the consumer experience, by
uncovering qualified applicants who may have otherwise been hidden
from view."
Payment Insights makes it easy for consumers to share utility
payment history. The cloud-based, API-driven product allows lenders
to seamlessly integrate the data into review processes, while
meeting industry-leading standards for protection of consumer data
security, confidentiality and integrity. Individuals simply provide
consent to connect their utility accounts from a lender's branded
experience, and up to 12 months of data is immediately
delivered directly from the utility provider to the lender in
tradeline format. The report pulls account information, obligation
details and payment histories to give lenders a more holistic view
of the applicant.
"Urjanet and Equifax share the belief that consumer-permissioned
data will play an increasingly important role in the financial
profiles of consumers worldwide," said Shannon Johnson, Head of Financial Services and
Chief Strategy Officer at Urjanet. "With Payment Insights,
consumers can share information from a network of thousands of
utility providers covering almost 90 percent of the U.S. population
to create a more complete financial portrait. We're enabling
lenders to better reach underserved markets and quickly qualify
more borrowers. "
Payment Insights is available now and joins a powerful suite of
consumer-permissioned alternative data offerings, including
Cashflow Insights, a solution designed to expand access to
credit with bank transaction data. Equifax advanced analytic
capabilities and differentiated data assets also include The Work
Number® database, The Kount Identity Trust Global Network, The
Equifax Commercial Financial Network (CFN), DataX, the IXI Network,
PayNet and Ansonia Credit Data. For more information, please 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, 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 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 USIS
mediainquiries@equifax.com
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SOURCE Equifax Inc.