Equifax Deepens Weekly Consumer Credit Trends Data With Industry Specific FICO® Score Segmentation

Rhea-AI Summary

Equifax (NYSE: EFX) has introduced industry-specific FICO® Score segmentation data to its U.S. National Consumer Credit Trends reports as of July 2020. This innovation positions Equifax as the first company to provide weekly reports tailored to various industries, enhancing businesses' ability to monitor anonymized consumer credit trends amidst the ongoing economic challenges. The reports offer insights into credit behaviors, new account metrics, and consumer risk profiles, which can aid businesses in making informed decisions during this uncertain period.

Positive

• Introduction of industry-specific FICO Score segmentation data to enhance consumer credit trend monitoring.
• First organization to offer weekly reports, providing competitive advantage.
• Ability for businesses to track near real-time credit metrics, aiding in risk assessment.

Negative

• None.

ATLANTA, July 8, 2020 /PRNewswire/ -- Equifax Inc. (NYSE:  EFX) continues to help businesses of all sizes navigate this period of economic uncertainty. The company has announced the addition of industry-specific FICO® Score segmentation data to Equifax weekly U.S. National Consumer Credit Trends reports. With this integration, Equifax is the first organization to offer weekly, industry-specific FICO^® Score segmentation reports—enabling businesses across industries to better track anonymized consumer credit trends for potential risks and opportunities.

"Equifax Weekly Credit Trends reports are a powerful example of the benefits of our unique blend of differentiated data, analytics and technology," said Mark Luber, Chief Product Officer for Equifax United States Information Solutions (USIS). "In challenging economic times, data-driven insights can inform decisions necessary to safely move businesses and consumers forward. With the addition of FICO^® Score segmentation views to our weekly reports, we are providing our business customers with the ability to access near real-time anonymized consumer metrics. Additionally, we are meeting customer demand with the most frequent and comprehensive lender reporting metrics in the industry."

Credit Trends Reports utilize proven Equifax technology and analytics to link and track account level credit data for the complete Equifax U.S. consumer credit database. The data is derived from trended, anonymous time-series credit data and showcase insights created on consumer trends, behaviors, and credit performance across the country.

By adding FICO^® Score segmentation views to weekly Credit Trends reports, businesses can better anticipate consumer behavior changes as a result of COVID-19 and beyond. The data integration within both portfolio and originations reports enables them to:

• View near real-time new account opening metrics, including average balance, average credit limit and risk score segmentation.
• Broadly track prime and subprime credit score trends nationally and compare national trends to their own portfolio performance.
• View average prime and subprime FICO^® Scores for new account openings across the U.S. to broadly track risk by product.
• Understand the score profiles of consumers who have outstanding balances or who may be delinquent on account payments.

FICO^® Score segmentation will be added to the Equifax U.S. National Consumer Credit Trend reports in early July 2020. Excerpts from these reports are currently presented in the Equifax Market Pulse Webinar series. Report summaries can be accessed without charge until December 31, 2020.

ABOUT EQUIFAX INC.
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit -1%26h%3D3552240478%26u%3Dhttps%253A%252F%252Fc212.net%252Fc%252Flink%252F%253Ft%253D0%2526l%253Den%2526o%253D2591128-1%2526h%253D313034502%2526u%253Dhttps%25253A%25252F%25252Fc212.net%25252Fc%25252Flink%25252F%25253Ft%25253D0%252526l%25253Den%252526o%25253D2507877-1%252526h%25253D3471243818%252526u%25253Dhttps%2525253A%2525252F%2525252Fc212.net%2525252Fc%2525252Flink%2525252F%2525253Ft%2525253D0%25252526l%2525253Den%25252526o%2525253D2487638-1%25252526h%2525253D377278997%25252526u%2525253Dhttps%252525253A%252525252F%252525252Fwww.equifax.com%252525252Fpersonal%252525252F%25252526a%2525253DEquifax.com%252526a%25253DEquifax.com%2526a%253DEquifax.com%26a%3DEquifax.com&a=Equifax.com" rel="nofollow">Equifax.com and follow the company's news on -1%26h%3D2106905374%26u%3Dhttps%253A%252F%252Fc212.net%252Fc%252Flink%252F%253Ft%253D0%2526l%253Den%2526o%253D2591128-1%2526h%253D830586425%2526u%253Dhttps%25253A%25252F%25252Fc212.net%25252Fc%25252Flink%25252F%25253Ft%25253D0%252526l%25253Den%252526o%25253D2507877-1%252526h%25253D3432097830%252526u%25253Dhttps%2525253A%2525252F%2525252Fc212.net%2525252Fc%2525252Flink%2525252F%2525253Ft%2525253D0%25252526l%2525253Den%25252526o%2525253D2487638-1%25252526h%2525253D1348596810%25252526u%2525253Dhttps%252525253A%252525252F%252525252Ftwitter.com%252525252FEquifaxInsights%25252526a%2525253DTwitter%252526a%25253DTwitter%2526a%253DTwitter%26a%3DTwitter&a=Twitter" rel="nofollow">Twitter and -1%26h%3D2014339500%26u%3Dhttps%253A%252F%252Fwww.linkedin.com%252Fshowcase%252Fequifax%252F%26a%3DLinkedIn&a=LinkedIn" rel="nofollow">LinkedIn. 

FOR MORE INFORMATION
Kate Walker for Equifax USIS
MediaInquiries@equifax.com

 

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SOURCE Equifax Inc.

FAQ

What is Equifax's recent announcement regarding FICO Score segmentation data?

Equifax announced the addition of industry-specific FICO Score segmentation data to its weekly U.S. National Consumer Credit Trends reports as of July 2020.

How can businesses benefit from Equifax's new FICO Score segmentation reports?

Businesses can track anonymized consumer credit trends and gain insights into credit behaviors and risks, allowing for better decision-making.

When will FICO Score segmentation be available in Equifax reports?

FICO Score segmentation will be added to the Equifax reports in early July 2020.

What types of metrics can businesses view in the new Equifax reports?

Businesses can view metrics such as new account opening statistics, average balances, credit limits, and risk score segmentation.

Why is this addition significant for Equifax and its clients?

This addition allows for more comprehensive insights into consumer credit trends during challenging economic times, meeting increasing customer demand.