The acquisition will see Equifax enhance its consumer and commercial product offerings, combining traditional credit bureau information held by Equifax with bank transaction data, facilitated by AccountScore. Integration of these new data assets will enable Equifax clients to benefit from higher rates of automated, digital income verification, to carry out more granular assessments of affordability and expenditure, and offer more predictive and inclusive credit scoring, by using the most up-to-date information available.
For consumers, this combined data approach will improve an individual’s ability to demonstrate their creditworthiness by enabling information that isn’t currently used to be taken into consideration. This approach enables financial inclusion for those with ‘thin’ credit files, increasing their potential access to credit at a time of great financial uncertainty. Regulatory approval for the acquisition has been received from the United Kingdom’s Financial Conduct Authority (FCA).
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