Helping people live their financial best
In 2019, our unique data and analytics help make a difference for millions of people across the world.
In the United States, Equifax played a role in helping:
- 8 million people in obtaining education loans
- 13 million people secure mortgages or home equity loans
- 32 million people get loans to buy a car
- 89 million people obtain credit or retail cards
- 30 million people access government assistance programs
Around the world, the difference Equifax makes in a year is just as powerful:
Equifax Differentiated Data and Analytics Help Improve People’s Access to Credit
Our unique combination of traditional and alternative data sources helps bring people into the credit system who are currently “credit invisible,” who have thin credit files or who may have had poor credit in the past. This includes young adults who are just starting to participate in the credit economy, including those who are working towards mortgages, auto loans, personal loans and credit cards for the first time, and older workers seeking to mitigate the impact of past credit decisions.
We have also extended our leadership in alternative data through a consumer-permissioned online banking partnership with Envestnet | Yodlee; our utility data partnerships with NCTUE and Urjanet; and our rent reporting relationships with Esusu, MoCaFi and Zingo.
We’re giving people more options than ever to help them live their financial best. We introduced the myEquifax platform in 2018, which has grown to serve 6 million subscribers. myEquifax isn’t just about providing consumers with an easy and convenient way to complete tasks such as placing a security freeze, fraud alert, or filing a dispute, it also represents a new opportunity to infuse our purpose in everything we do. It’s an experience that enables us to make sure the millions of people who rely on us every day are able to be successful – no matter what they’re trying to accomplish. To date, Equifax has helped 2 million consumers with free security freezes - enabling them to take control of their financial information.
Leveraging the simplicity and adoption of myEquifax, we created an additional tool to add more value for our consumers. Core Credit is a product that delivers a monthly Equifax credit report and VantageScore® 3.0 credit score based on Equifax data to all U.S. consumers, for free. Since its launch in August 2019, it has 1.3 million subscribers and has provided 200,000 free credit scores.
Equifax also launched a free credit monitoring service for furloughed U.S. federal government employees during the government shut down of 2018-2019. Additionally, we started offering service members free credit monitoring alerts. We continuously monitor for risks of identity theft or fraud while the military member is serving on active duty.
In 2020, Equifax and the other national credit reporting agencies agreed to offer free weekly credit reports to all Americans for the next year to help them protect their financial health during the sudden and unprecedented hardship caused by COVID-19. The free reports became available via AnnualCreditReport.com starting on April 20, 2020.
We are committed to helping people know more about their credit and finances. In the past year, there have been almost 3 million unique visits to our Education Center where people can find information on everything credit - credit reports and scores, credit protection and credit management. We aim to help consumers make smarter decisions so they can continue to live their financial best.
We strive to create economically healthy individuals and communities everywhere we do business. In addition to helping people through our business, the Equifax Foundation works in communities to help people with basic needs and strengthen their financial capabilities. Our data, analytics, and technology assets uniquely position us to help vulnerable consumers improve their financial futures.
In 2019, Equifax launched ambitious new efforts in two of our home communities to help vulnerable populations in Atlanta, through Greater Atlanta Builds Credit, and in St. Louis, through St. Louis Builds Credit. The initiatives provide many of the cities’ underserved residents with increased access to the tools they need to build a prime credit score, including free credit building workshops, free financial coaching, and safe credit building products.
Equifax is a significant investor in Atlanta’s On The Rise Financial Center. The Center serves as a resource for Atlanta’s Westside individuals, families, and small businesses to build financial health, wealth, and a pipeline to home ownership by providing financial counseling and coaching, savings accounts, and small dollar loans.
In addition, Equifax has invested in St. Louis’ Prosperity Connection. The organization’s mission is to help individuals and families earn economic independence by offering free financial coaching, money management education, and low-cost banking options for people who cannot open an account or access affordable credit.