|Company joins Six Indian financial institutions to launch Equifax Credit Information Services|
First to offer online consumer credit and identification products
Mumbai – March 26, 2010 -- Equifax Inc. (NYSE:EFX), a global leader in information solutions, today announced it has been awarded a formal license from the Reserve Bank of India (RBI) to operate as a credit information company in India. Named Equifax Credit Information Services Private Limited (ECIS), the joint venture between Equifax and six leading Indian financial institutions, will provide a broad range of credit information solutions nationwide. The joint venture participants include Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Religare Finvest Limited, Sundaram Finance Limited and Union Bank of India.
“India’s growing economy and its impact on commerce and finance create a need for world-class risk-management systems,” said Richard F. Smith, Equifax President and CEO. "We are proud to be a part of this joint venture; delighted to be operating in this vibrant market; and eager to bring our expertise and proven capabilities to financial institutions across the country."
"This is an exciting day for us, but particularly for the Indian business community as we begin to bring them unmatched solutions to help them in this tough economic climate" said Samir Bhatia, CEO ECIS. “With Equifax's 110-year history of providing leading credit information solutions, ECIS is uniquely positioned to bring proven risk management services and expertise to the Indian market. Our investments are based on clearly understanding our customer’s toughest challenges and then bringing innovative solutions to the market to solve.”
The initial offerings from ECIS will provide comprehensive account level information on consumers to help lenders acquire new customers, manage risk level tolerance and profitably review and react to portfolio changes. ECIS is the first to offer online access to consumer credit and consumer identification reports. It is also the first to provide a comprehensive suite of credit risk and acquisition alerts. "Lenders have told us they want new ways to be able to manage their portfolios. They are striving to manage risk levels not only during the opening of new accounts but also throughout the lifecycle of the consumer’s business with the bank" said Mr. Bhatia.
"I am looking forward to working directly with ECIS to help develop solutions for managing my overall risk profile. ECIS has an extremely knowledgeable staff that seems to be constantly striving to understand my biggest issues trying to ensure they are innovating to meet those needs" said XYZ, Chief Risk Officer from Kotak Mahindra Prime Limited.
ECIS is one of only a select few companies to be granted a license to operate a credit information company in India. Official operations will commence in the second quarter of 2010.
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
With a strong heritage of innovation and leadership, Equifax continuously delivers innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Equifax Inc. operates in the U.S. and 14 other countries. Equifax is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX.
Vice President, Public Relations
India (for Equifax)
N S Rajan
Sampark Public Relations Pvt Ltd
Tel : +91 22 22884650
Mob : +919820045560