Equifax combines differentiated data, analytics and technology to make an impact worldwide.
Helping People Live Their Financial Best
What started over 120 years ago as a single grocery store that extended credit to the community, today helps power the economies of 25 countries – helping businesses grow faster and more efficiently, and moving people toward their financial goals. People are more than their credit score, so we go beyond the traditional credit report. This means we can give employers more data-driven insights, marketers a better way to identify and understand their customers, and lenders a fuller picture of a person's financial life. Our purpose is to help people live their financial best.
In 2021, our unique data and analytics helped make a difference for millions of people worldwide.
In the United States, Equifax played a role in helping:
People in the United States secured a loan to further their education
Consumers in the United States secured a mortgage or a home equity loan
Consumers in the United States obtained loans to buy a car
Helped United States consumers get credit and retail cards
Around the world, Equifax played a role in helping:
People in the United Kingdom purchased a home
Consumers in Canada secured a loan to purchase a car
Families in Australia became first time home buyers
Latin American consumers gained access to credit
BASED ON RESULTS FROM JANUARY-DECEMBER 2021 Sources: Data & analytics captured by Equifax business units (U.S. Information Solutions, Workforce Solutions, and International)
Improving Access to Credit and Financial Inclusion with Differentiated Data & Analytics
Our unique combination of data sources helps bring people into the credit system who currently have little or no credit history or who may have had poor credit in the past. Equifax also helps more people gain access to mainstream financial products in the credit economy by considering both traditional and alternative data sources like rent, bank transaction data or utility and phone payments. All of those pieces of information help provide a fuller picture of a person’s financial life, which can lead to more access to credit.
We have extended our leadership in alternative data and financial inclusion through our consumer-permissioned online banking partnership with Envestnet | Yodlee; our utility data partnerships with the National Consumer Telecom & Utilities Exchange (NCTUE®) and Urjanet; our rent reporting relationships with MoCaFi; and our partnership with the National Association of Minority Mortgage Brokers of America (NAMMBA).
Payment Insights Solution
Developed in partnership with Urjanet, our cloud-based Payment Insights solution promotes greater financial inclusion, regardless of the consumer's traditional credit score, by empowering consumers to share utility and telecom payment history with banks or lenders when applying for loans and other services.
Cashflow Insights Solution
Cashflow Insights is a consumer-permissioned data offering that empowers individuals to directly share their online bank account information, including balances, deposits and withdrawals from more than 7,700 participating U.S. financial institutions, directly with lenders or service providers to help create a more robust personal financial profile when applying for loans and other services.
The Equifax Accelerate program, launched in June 2021, challenged U.S.-based start-up and early stage software developers to create transformative solutions designed to foster financial inclusion and improve access to services with the powerful suite of Application Programming Interfaces (APIs) available from the Equifax for Developers API Portal. 50 teams were selected to participate, of which 10 entries were selected to move on to the next phase. Explore the program.
Teletrack / DataX
Equifax research shows that alternative data and technology can enable an additional 21% of thin/invisible consumers to become scorable. The combination of Teletrack - acquired in 2021 - with the Equifax DataX business creates a leading U.S. specialty consumer reporting agency, with data on more than 80 million thin-file, unbanked, underbanked and credit rebuilding consumers. This powerful source of information will enable lenders and service providers to access more alternative data sources in credit decisioning that can help open new consumer financial opportunities.
National Association of Minority Mortgage Brokers of America Partnership
Our partnership with NAMMBA helps support efforts to assist underserved communities and their housing needs. This relationship aligns directly with our ongoing commitment to advance financial inclusion and help all consumers access and better understand their credit profiles. Equifax works with NAMMBA to expand access to credit to underserved and marginalized borrowers while also working to deliver differentiated data to align with ESG and diversity, equity, and inclusion initiatives.
Income and Employment Verifications
Our income and employment verification services, using The Work Number® database, help speed up the application process for loans, credit, and more, making it easier for consumers to access important financial transactions. In 2020, Equifax fulfilled more than 223 million verifications on behalf of consumers through The Work Number service, including more than 600,000 verifications on behalf of consumers every day.
Our verification solutions also help those in need gain access to critical government services, helping make the application process more efficient and supporting government agencies’ customer service and program integrity. More than 30 million federal, state and local social service verifications were fulfilled through The Work Number service in 2020.
Empowering Consumers by Improving Their Experience
Since the launch of the myEquifax™ platform in 2018, the service has grown to serve 13 million users. myEquifax™ provides consumers with an easy and convenient way to complete tasks such as placing a security freeze, fraud alert, or filing a dispute, helping the millions of people who rely on us every day to be successful in their financial and personal objectives.
Core Credit is a product that delivers a free monthly Equifax credit report and VantageScore® 3.0 credit score based on Equifax data and is available to all U.S. consumers who subscribe. Since its launch in 2019, Core Credit has gained approximately 4 million subscribers.
Free Spanish Credit Reports
Equifax is the first and only credit bureau to provide a free, translated credit report in Spanish online and by mail. The introduction of a translated Spanish credit report in 2021 aligns directly with the ongoing Equifax commitment to advance financial inclusion and help all consumers access and better understand their credit profiles.
Free Weekly Credit Reports
In 2020, Equifax and the other national credit reporting agencies began offering free weekly credit reports to all Americans 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 in April 2020.
LGBTQ+ Credit Report Name Changes
Through the Equifax Pride Network (EPN), an employee resource group, we identified a challenge that trans and nonbinary people face with their credit reports when changing their name. Following engagement by members of the EPN, we updated our processes so that trans and nonbinary consumers who have changed their legal name will now be able to more easily inform us to change the name on their credit report without affecting their credit score.
Free Credit Monitoring Alerts for Service Members
We offer 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.
COVID + Credit: Helping Consumers Navigate Financially in a Global Pandemic
In 2020, we established a COVID + Credit Financial Resources Center 一 a single online destination that provides information and resources to help consumers better navigate financial considerations related to the pandemic. Consumers have access to articles, podcasts, videos and more. Between April and December 2020, approximately 823,000 consumers visited the site.
We are on a journey to become the most consumer-friendly consumer reporting agency. Our goal is to improve the consumer experience at every touchpoint when engaging with Equifax. Our interactive voice response system is designed to help consumers resolve issues faster and is supported by a new service center staffed by some of our most skilled agents to help consumers navigate complex finance issues and transactions. We also updated our hearing impaired services to be fully compatible with real-time text (RTT) technology, creating more inclusion and accessibility to the hearing impaired community.