Equifax continues to support financially inclusive lending with the launch of OneScore, a new consumer credit scoring model that combines the company’s leadership in alternative data insights with the power of the Equifax Cloud™ to provide U.S. lenders and service providers with a more comprehensive financial picture of credit seeking consumers. OneScore is unique to the industry because it is the first single score to combine traditional credit history with telecommunications, pay TV and utility payment data on over 191 million consumers, as well as Equifax DataX and Teletrack specialty finance data on 80 million consumers – including payment history from non-traditional banks and lenders – potentially increasing credit scores by up to 25 points and the scorable population by more than 20 percent.
“Equifax has invested billions of dollars into unique data, verification insights, fraud reduction tools, powerful modeling techniques and cloud-based technology solutions that empower our customers to bring greater access to financial opportunity to more people in more places,” said Mark W. Begor, CEO of Equifax. “OneScore is a testament to the power of the Equifax Cloud in driving innovation that can increase the visibility of consumers to help expand access to credit and create new, mainstream financial opportunities.”
While credit reports remain a strong indicator of credit history and past financial reliability, Fair Credit Reporting Act (FCRA) compliant information that is not included in traditional credit report data has the potential to help responsibly expand consumer access to credit opportunity and support a more inclusive economy.
The majority of U.S. adults have at least one utility bill or cell phone in their name, making access to utility payment provides a widespread and powerful indicator of past financial reliability. When combined with additional speciality finance data on more than 80 million credit invisible, unscorable, thin-file…
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