April 22, 2020
New Equifax Response Packages Help Businesses Plan for Changing Market Conditions and Prepare for Future; Complimentary Consumer Credit Trend Reports Make Actionable Economic Insights Readily Available
Equifax Inc. (NYSE: EFX) continues to closely monitor the rapidly evolving COVID-19 situation and its significant financial impact on consumers and businesses around the globe. The company is helping organizations of all sizes respond to the impact of the COVID-19 crisis with new Equifax Response packages. These packages are based on customer and industry feedback and are designed to help organizations assess current and predicted trends during this period of market uncertainty. Complimentary consumer credit trend reports make actionable economic insights readily available, and services that evaluate accounts and portfolios allow businesses to better plan and manage their customers for the future.
"When it comes to navigating your business through today's crisis and into a post-COVID-19 future, we believe that smarter insights drive smarter actions," said Sid Singh, president, United States Information Solutions (USIS) at Equifax. "Our new Equifax Response packages apply our advanced analytics and alternative data assets to the creation of trended insights that can help organizations support consumers and maintain their financial health. We're also making summary consumer credit trend reports available free of charge - giving the businesses that drive our economy access to critical information when they need it most."
The first package, Response FREE, is available to businesses of all sizes without cost. This package provides access to a weekly Consumer Credit Trends Report, a condensed view of city, state and national trends in auto, mortgage, credit card, consumer finance, home equity lines of credit (HELOC) and student loans made available in PDF format each week. Trend information is reviewed in a Market Pulse webinar series focused on answering the questions top of mind to businesses during this time. Equifax Response FREE is also supplemented by consulting services where we recommend solutions that can help organizations assist and approve consumer loans during these uncertain times.
"Equifax Response packages were developed to immediately help our customers respond to the impact of COVID-19 on their businesses," said Mark Luber, USIS chief product officer at Equifax. "Organizations of all sizes are looking for macro insights into evolving economic trends. They also need new ways to work with consumers to strengthen virtual relationships when those customers need it most - when they've lost income and need new ways to get back on their feet. We're making these solutions broadly available to help organizations around the country take the steps needed to strengthen their business and help consumers live their financial best."
The second package, Response NOW, builds on the insights provided in the Equifax Response FREE offering. It provides more granular access to anonymized Credit Trends data plus a new visualization tool that overlays economic insights with COVID-19 information and statistics to help establish economic scenarios for stress testing portfolios and forecasting impacts based on portfolio composition. Response NOW also offers solutions for understanding employment and income via The Work Number® database, helping lenders better assist consumers who may have been affected by the pandemic. Given the pace of change in the economy and employment landscape, The Work Number data provides timely information essential for accelerated decision-making. Response NOW also includes a solution for lenders to help estimate impact on existing commercial loan portfolios.
For more information on the new Equifax Response packages, please visit here.