ACCORDING TO the Federal Reserve, 63 million American adults are either unbanked or underbanked. These individuals potentially face higher costs for borrowing money and barriers to housing and employment. Helping more of these consumers obtain access to mainstream financial services and products requires new insights into individual financial history. That’s why Equifax is expanding decision intelligence for lenders and other businesses with its enhanced cloud-based OneView™ report.
The visual report, which sets a new industry standard for how credit data insights are delivered, displayed,
and provided to businesses of all sizes, can now include alternative data insights from specialty financial credit reporting agency DataX in addition to traditional credit data and income and employment information from The Work Number® database. Delivering differentiated data assets that ‘Only Equifax’ can provide in a single transaction helps businesses more quickly open mainstream financial opportunities to more U.S. consumers.
“Two people with exactly the same credit score can have very different financial profiles and very different financial needs,” said Mark Luber, Equifax chief product officer for U.S. Information Solutions. “By incorporating alternative data sources from DataX into our OneView reporting solution, we are providing businesses with the expanded consumer views they need to support more informed decision-making and promote financial inclusion.”
The addition of information from DataX to the existing OneView report by Equifax provides businesses with more robust data on thin-file, underbanked and credit invisible consumers with a continuous stream of consumer loan performance data from businesses nationwide, including small-dollar installment lenders, rent-to-own businesses and furniture financing companies.
The OneView report summarizes key consumer information on a single page to help financial institutions and other businesses focus on the information that best suits their decision models and priorities. With OneView, businesses can obtain a colorful, graphical report or a simple, text-only display - both designed for maximum readability. OneView is powered by the industry’s first drag and drop configuration engine, allowing businesses to maximize the “tiled” format of this unique report format for a truly custom report view - and to change report views as needed.
“As marketplace demands continue to shift, financial institutions must innovate now more than ever to support financial well-being,” said Luber. “We will continue to provide the right services and solutions that empower lenders and businesses to increase access to credit, and help consumers live their financial best.”