Equifax launched the One Score customer credit score product in March of 2023 while being focused on providing US lenders and service providers with a more comprehensive financial picture of credit-seeking clients.
The company aims to open up more credit opportunities for small businesses and enterprises with the new launch.
The OneScore for Commercial credit scoring model was aimed to offer SMEs the possibility to gain access to the credit opportunities they need for their development process.
Furthermore, the tool was powered by Equifax Cloud, which allowed the new single commercial credit score to be able to link together financial data on numerous businesses with credit information received from the Equifax commercial credit database. This platform includes the Commercial Financial Network, the non-financial business information (such as utility and telecommunication), the commercial public records and firmographic data, and the leasing payment history with the respective business owners.
The OneScore for Commercial credit incorporates Equifax’s patented NeuroDecision Technology, a solution that was designed with explainable artificial intelligence (xAI), in order for its capabilities and performance to be enhanced.
The product has the ability to offer a more holistic overview of a business’s worth of credit, which represents an important detail, especially for startups and small businesses. While considering various data points, OneScore provides companies with the possibility to better demonstrate their performance when seeking financing and investment from lenders.
According to the research published by Equifax, OneScore for Commercial credit score can be leveraged to score as much as 50% more loan applications, a feature that can enable lenders to approve 15% to 20% more loans with the same risk profile.
The credit score was also built for non-financial institutions as well, such as utility companies and telecommunications, in the process of conducting business. OneScore currently covers multiple industries, including manufacturing, real estate, healthcare, agriculture, and retail, making it applicable to customers from various sectors.
While aiming to offer small businesses and enterprises the opportunity to get access to credit, OneScore for Commercial credit score will also focus on saving the time, money, and resources of commercial lenders in the application, risk model management processes, and credit decisioning.
Data, analytics, and technology company Equifax had multiple partnerships and product launches in the last couple of months, covering multiple geographic areas.
In April of 2023, Equifax announced that its UK branch partnered with Spear Technologies to facilitate access to BNPL solutions and services. The goal of the collaboration was to leverage data and technology to onboard more clients responsibly, using traditional credit data and transactional Open Banking data. Credit and affordability checks for users were set to enable Spear to provide access to credit in an underserved market, whilst building a better picture of their clients’ financial health.
In December 2022, Equifax made an offer for the acquisition of customer credit bureau Boa Vista, in order to expand its reach in Brazil.
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