Equifax Data Solutions Now Available via Engine

Highlights: 

• The integration of differentiated data from Equifax into the Engine platform enables lenders to replace fragmented legacy data with a unified foundation, reducing conflicting signals and improving prequalification accuracy.

• By leveraging trended and alternative credit data, lenders can reach previously underserved "thin-file" and "no-file" consumers, significantly expanding their marketable audience and boosting conversion rates.

Growth opportunities are becoming harder to find in today’s affordability-constrained economy. But they just got a little easier with the recent inclusion of comprehensive Equifax data solutions on the Engine platform. 

Lenders can now expand their prequalification audience by accessing differentiated Equifax data to reach, approve, and match more applicants—including, creditworthy thin-file and no-file consumers, who are often overlooked by traditional credit models. 

Every strong lending decision starts with quality data. Knowing this, the integration of market-leading Equifax data solutions into the Engine platform solves key data challenges for financial organizations. 

• Streamline prequalification by eliminating data redundancy. Lenders often rely on legacy data for prequalification that comes from one or more sources that aren’t linked together, creating potential redundancies and conflicting credit signals. Equifax replaces fractured legacy data with a unified data foundation that expands applicant visibility, reduces conflicting credit signals, and enables stronger decisions based on the most current and reliable information.

• Boost approvals with more precise matching. Connecting applicants with products they likely do not qualify for wastes marketing dollars and creates a bad applicant experience. Equifax data helps expand marketable customer pools and improve the accuracy of observed credit quality by up to 20 percent. It leverages deeper credit insights from trended data and alternative data to better align the right creditworthy applicants—no matter their credit score—with the right lenders, increasing approvals and customer satisfaction.

• Move beyond the "thin file" barrier. Roughly 76 million U.S. consumers struggle to access credit because they don’t have enough credit (thin files) or they have no credit at all (credit invisibles). Equifax addresses this challenge with a mix of premium alternative data sources available on the Engine platform that could shift more than 8 million thin file and credit invisible consumers into scorable credit bands. The result is greater underwriting confidence and the ability to responsibly serve more underserved applicants.  

No two consumers have the same financial story. To help ensure every applicant is matched with the right lender early in the buying journey, Equifax data solutions provide unmatched depth and breadth of coverage that significantly expands visibility into individual creditworthiness. 

In fact, combining traditional credit data with alternative data can narrow audience targeting and improve marketing efficiency and precision, leading to 53 percent higher conversions, according to an Equifax analysis.

Specifically, the following Equifax data types are now available via Engine: 

• Consumer credit data covering more than 252 million U.S. consumers¹ 

• Trended data for visibility into changing credit behaviors over time 

• Alternative data for deeper coverage of thin-file and credit invisible populations  

Together, these data assets provide actionable insight into nearly every U.S. consumer, enabling lenders to engage more applicants while they’re actively shopping, qualify them earlier in the funnel, and focus marketing dollars on opportunities with a higher potential to convert. 

Lenders wanting to learn more, or who are ready to integrate Equifax data via Engine within an existing prequalification process can follow these steps.  

• Already using Engine and Equifax? Work with your Engine relationship manager to prioritize Equifax data within your decisioning workflow and replace legacy data to avoid conflicting data signals. 

• Using Engine but not Equifax? Equifax data is now live, available today on the Engine platform. Contact your Engine relationship manager to enable decisioning based on Equifax data in place of your legacy data source.

• Currently evaluating the Engine platform? Equifax data is now a core component of the Engine platform, strengthening its matching and decisioning capabilities with comprehensive credit, trended, and alternative data. Contact an Engine relationship manager to learn more. 

Ready to unlock new growth opportunities through improved prequalifications and approvals? Contact Equifax today to learn more about the Equifax data solutions now available through Engine.

Source: 

1. Equifax Data and Analytics