Equifax Inc - EFX STOCK NEWS

Equifax has announced the international expansion of its Verification Exchange services into Australia and the United Kingdom, following successful launches in Canada and India. This expansion is supported by a $1.5 billion investment in the Equifax Cloud, aimed at enhancing the verification process for employment and income. The automated service aims to reduce fraud and support compliance, streamlining lending decisions for consumers. Equifax plans to further expand these services into additional international markets.

The Big Three U.S. credit reporting agencies, Equifax (NYSE: EFX), TransUnion (NYSE: TRU), and Experian, are extending their offer of free weekly credit reports for consumers until the end of 2022. This initiative aims to assist individuals in navigating financial challenges posed by the ongoing COVID-19 pandemic. The joint statement from the CEOs emphasizes their commitment to helping consumers manage their credit and financial future amidst inflation and market uncertainty. Consumers can access these reports at www.annualcreditreport.com.

On January 24, 2022, Equifax (NYSE: EFX), Experian (LON:EXPN), and TransUnion (NYSE:TRU) jointly announced an extension of their pandemic response service to provide consumers with free weekly credit reports through the end of 2022. This initiative aims to assist consumers in managing their financial health amid ongoing economic challenges. The CEOs of the agencies emphasized their commitment to supporting consumers in tracking their financial well-being during these uncertain times, with credit reports playing a critical role in financial decision-making.

Equifax (NYSE: EFX) has partnered with Georgia Tech to enhance access to credit for underserved consumers. The collaboration will utilize Equifax's anonymized data to boost research at the Financial Services Innovation Lab, aiming to foster fintech entrepreneurship in Atlanta. Georgia Tech’s lab connects academic resources with the financial services industry, promoting innovative solutions to improve financial health. This partnership builds on previous support from Equifax for Georgia Tech’s doctoral research and projects since 2016.

Equifax (NYSE: EFX) announced enhancements to its mortgage verification services powered by The Work Number, a leading income and employment data repository. The new features include 'All Employers Within 60 Months™' that allows lenders to access five years of employment data, aiding in complex underwriting. Additionally, 'Mortgage Select All™' offers a comprehensive view of applicant data at a single price. These enhancements aim to improve loan decision-making, especially for borrowers with intricate income profiles. Equifax's solutions continue to support secure and swift verifications, serving over 2 million employers and maintaining over 125 million active records.

Equifax (NYSE: EFX) is enhancing credit access by incorporating 'Buy Now, Pay Later' (BNPL) payment data into credit reports. This new policy, developed in conjunction with the Consumer Data Industry Association, introduces an industry standard for BNPL tradelines. Starting Q1 2022, these tradelines can potentially boost credit scores for consumers making on-time payments. Equifax's study reveals an average FICO Score increase of 13 points for consumers with on-time BNPL payments, and those with limited credit files may see boosts of up to 21 points.

Equifax (NYSE: EFX) has partnered with CuneXus to enhance credit unions' loan activation processes through the CPLXpress platform. This collaboration aims to leverage Equifax's data-driven marketing analytics to reduce digital application friction and improve customer engagement. The platform enables credit unions to offer personalized, pre-approved loan options instantly, enhancing member satisfaction and retention while streamlining operations. Financial institutions can analyze competitive offers and refine credit policies, ultimately aiming to reduce transaction abandonment rates that can reach 70%.

Equifax (NYSE: EFX) has unveiled its new OnboardConnect solution aimed at accelerating business-to-business transactions. This innovative platform combines unique data sources and analytics for nearly real-time verification, fraud checks, and compliance assessments. OnboardConnect can reduce onboarding time from days to hours, enabling businesses to authenticate new customers more efficiently. With the increase in business applications—4.3 million in 2020—this tool is critical for lenders and merchants seeking to streamline processes and seize new opportunities.

Equifax has concluded its 2021 Accelerate program, which invited U.S.-based start-ups to develop solutions promoting financial inclusion using Equifax APIs. A total of 10 finalists showcased their projects across various sectors, including fintech and digital identity. The initiative, backed by a $1.5 billion investment in technology and security, drew participation from over 100 early-stage companies. Chief Technology Officer Bryson Koehler emphasized the program's role in driving innovation within the industry.