Introducing Equifax Financial Stability
Turn compliance into strategic advantage
Equifax Financial Stability is a new comprehensive suite of products to quantify and qualify a consumer's income, indebtedness, affordability, stability and resilience, with more precision, customisation and clarity than ever before.
We developed Equifax Financial Stability to help our clients who are members of Insight meet new compliance guidelines for "responsible lending" and "treating customers fairly".
- Verifying a consumer's income meets compliance guidelines
- Employing verified income in credit risk decisioning tools improves outcomes - providing an uplift in bad debt rates by up to 5 times
This means we can help you improve performance as you comply with new regulation, to enhance competitiveness and develop strategic advantage.
The most comprehensive source of declared and verified income
Equifax is working with the largest consumer credit and financial services organisations in the UK to establish the Equifax Financial Stability Exchange for declared and verified income. Through our superior matching technology, Equifax Financial Stability returns a complete view of a consumer's income and financial commitments, by identifying financial groups and finding forward or previous addresses and alias names.
Equifax Financial Stability provides income verification at every point of need, designed to work with automated decisioning systems, with parameters matched to your credit policies and decision criteria. Equifax works with you to customise the service to meet your goals and fit into your current workflows, whether you need the data via Equifax Explorer, CPU link or our daily/monthly batch service.
View our animated presentation on Equifax Financial Stability by clicking here
Clear, concise intelligence derived from current account data
Equifax Financial Stability for Retail Banking not only allows you to improve performance through more profitable lending and reduced losses but also to pinpoint customers who can safely take on more debt. This gives you a prudent way to pursue plans for growth and remain compliant with regulatory guidelines for 'responsible lending'.
- Equifax Financial Stability for Retail Banking has produced uplifts of 10% to 20% in application risk models and can strengthen relative GINIs by 1 to 20 points
Equifax enriches the data from the Exchange for Retail Banking with our core data assets, giving you extensive versatility in using the data - create financial groups, find forward or previous addresses and identify alias names.
View our animated presentation on Equifax Financial Stability for Retail Banking by clicking here
Equifax Financial Stability has been developed to ensure our clients make the best, most improved and balanced decisions possible.
"We can only be as accurate as the data we are using, but our experience proves we can rely on Equifax to deliver the most comprehensive and up-to-date consumer credit information."Nicola Georgiou, Managing Director of Moneio