ATLANTA, May 24, 2021 /PRNewswire/ -- Equifax (EFX) - Get Equifax Inc. Report is bringing new decision intelligence to lenders and other businesses with the cloud-based OneView™ report which now includes access to real-time income and employment information from The Work Number® database. The visual OneView report sets a new industry standard in the delivery of consumer credit insights by providing access to traditional credit data and differentiated data sources that only Equifax can provide in a single inquiry to help businesses quickly and responsibly open up new financial opportunities.
Equifax analysis shows 91.5 million consumers in the U.S. with thin credit files or no credit files. Layering data from The Work Number into credit decisioning could improve access to credit for 7 million people, many of whom are currently credit thin or credit invisible.
"When employment and income data from The Work Number 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," said Joel Rickman, Senior Vice President of Verification Services at Equifax Workforce Solutions. "OneView delivers a simple, seamless 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 improve speed to decision."
Getting the most accurate assessment of consumer credit risk and opportunity requires starting with the most complete and current data possible. The Work Number database delivers real-time employment and income data provided directly by employers and payroll providers and is updated every pay cycle. In a recent study, Equifax analytics found that utilizing traditional credit reports alongside The Work Number data could lift approval rates by more than 5 percent in a card portfolio.
"We understand that every business is singular, and every customer interaction must be highly personalized," said Mark Luber, Chief Product Officer for Equifax United States Information Solutions (USIS). "Two people with exactly the same credit score can have very different financial profiles and very different financial needs. Two businesses may have different appetites for risk and different underwriting guidelines. The Equifax Cloud enables us to create unique, multi-data source solutions like OneView to provide the tailored, customizable insights each lender needs to power more intelligent decisions for their business and their customers."
OneView summarizes certain information on a single page to help financial institutions focus on the information that matters most to their decisioning. 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 suits their decision models and priorities. Graphical charts provide historical credit data analysis and directional insights, helping lenders more quickly visualize key credit decisioning drivers.
Leveraging the Equifax Cloud, OneView is the next generation of the Equifax TotalView product, which provided the industry's first full view into credit, employment and income status, with traditional credit data delivered alongside employment and income data. Current Equifax OneView customers with existing access to The Work Number service for digital verifications can leverage this new functionality today. The Work Number database, which is separate from the Equifax credit reporting database, is the largest commercial source of consolidated employment information, with nearly 115 million active employee records.
ABOUT EQUIFAX INC.At Equifax (EFX) - Get Equifax Inc. Report, we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in 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.