Equifax recently expanded its offerings connected with alternative data so finance companies still can cater to consumers with thin files or soft credit backgrounds. (Mark Luber)
Developed in partnership with Urjanet, Equifax introduced Payment Insights, a cloud-based solution that promotes greater financial inclusion, regardless of the consumer’s traditional credit score. Payment Insights is meant to empower consumers to share utility and telecom payment history with banks or lenders when applying for loans and other services.
“We are giving lenders smarter insights that improve the consumer experience, by uncovering qualified applicants who may have otherwise been hidden from view” said Mark Luber, chief product officer for Equifax United States Information Solutions (USIS).
“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.
Well done guys!
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