ATLANTA, May 24, 2021 / PRNewswire / – Equifax (NYSE: EFX) Brings New Business Intelligence to Lenders and Other Businesses with Cloud-Based OneView ™ Report Now Includes Access to Real-Time Income and Employment Information from The Work Number® database. The OneView Visual Report sets a new industry standard in providing consumer credit information by providing access to traditional credit data and differentiated data sources that only Equifax can provide in a single survey to help businesses to quickly and responsibly open up new financial opportunities.
Equifax analysis shows that 91.5 million consumers in the United States have poor credit records or no credit records. Overlaying The Work Number’s data on the credit decision could improve access to credit for 7 million people, many of whom are currently credit-poor or invisible to credit.
“When The Work Number’s employment and income data is included in credit decision models, lenders can paint a more informed financial picture of each individual to help consumers get the credit they need.” Joel rickman, Senior Vice President of Audit Services at Equifax Workforce Solutions. “OneView provides a simple and transparent process for business customers to simultaneously request data from multiple sources in a single request and configure the output into a summary that can help accelerate decision making.”
Getting the most accurate assessment of consumer credit risk and opportunities starts with the most comprehensive and up-to-date data possible. The Job Numbers Database provides real-time employment and income data provided directly by employers and payroll providers and is updated with each payroll cycle. In a recent study, Equifax Analytics found that using traditional credit reports alongside The Work Number data can increase approval rates by more than 5% in a card wallet.
“We understand that every business is unique and that every customer interaction should be highly personalized,” said Mark Luber, Product Director for Equifax United States Information Solutions (USIS). “Two people with the exact same credit score can have very different financial profiles and very different financial needs. Two companies may have different risk appetites and different underwriting guidelines. Equifax Cloud enables us to create unique, multi-data-source solutions like OneView to deliver the personalized, customizable information every lender needs to make smarter decisions for their business and clients. “
OneView sums up some information on a single page to help financial institutions focus on the information that matters most to their decision making. Powered by the industry’s first drag-and-drop configuration engine, OneView allows businesses to customize their reports to focus on the information that best matches their decision models and priorities. Graphical charts provide analysis of historical credit data and directional information, helping lenders more quickly visualize key credit decision factors.
Leveraging the Equifax Cloud, OneView is the next generation of the Equifax TotalView product, which provided the industry’s first comprehensive view of credit, employment and income, with traditional credit data provided in addition to data on credit, employment and income. employment and income. Existing Equifax OneView customers who already have access to The Work Number for digital verifications can now take advantage of this new functionality. The Job Numbers Database, which is separate from Equifax’s Credit Reporting Database, is the largest commercial source of consolidated employment information, with nearly 115 million records of active employees.
For more information on The Work Number, visit TheWorkNumber.com. For more information on OneView, visit Equifax.com.
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At Equifax (NYSE: EFX), we believe knowledge is the engine of progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employers and government agencies make critical decisions with more confidence. . Our unique blend of differentiated data, analytics, and cloud technologies empower people to better understand and make decisions to move people forward. Based at Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific Region. For more information visit Equifax.com
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SOURCE Equifax Inc.