Equifax to Continue Management of
Telecommunications, Pay TV, Utilities Database of Alternative Data
Sources
ATLANTA, Jan. 18,
2024 /PRNewswire/ -- Equifax® (NYSE: EFX) has
extended its long-standing relationship with the National Consumer
Telecom and Utilities Exchange, Inc.® (NCTUE®), an independent,
non-profit, Fair Credit Reporting Act-compliant consumer credit
reporting agency for the telecommunications, pay TV, internet, home
security and utility industries.
Under the terms of the extended agreement, Equifax will continue
its exclusive operation and management of the NCTUE database, and
provide the organization with enhanced product innovation, advanced
data security measures, and marketing support for new member
recruitment. The extended service agreement is subject to the
oversight of the NCTUE board of trustees.
"NCTUE has maintained a relationship with Equifax for nearly
three decades – a partnership that has been in place since the
launch of our database," said Brian
Newcomb, President of the NCTUE Board of Trustees.
"Together, we support more than 160 member companies, helping them
to innovate with data and leverage payment history information to
better identify and manage members' financial risk. Our collective
efforts ultimately help establish creditworthiness and can enable
better credit decisioning, especially for those consumers with
limited traditional credit data."
Utility payment and account history are alternative data sources
– information not included in traditional credit reports – that can
help to provide a more complete picture of consumer credit history
and enable lenders and service providers to access broader insights
to better determine creditworthiness for credit-seeking consumers.
As part of the extended agreement, Equifax will continue to deliver
member-only NCTUE products and services, such as Advanced Energy
Plus and Advanced Communications Plus, that layer
telecommunications, pay TV, internet, home security and utility
insights on top of traditional credit data and provide NCTUE
members with an exclusive 360-degree financial view of consumers
that can help maximize consumer approval rates, help identify
potential risks, reduce manual intervention costs and improve
customer experience.
"We highly value our 27-year partnership with NCTUE and
appreciate their continued trust in Equifax as the stewards of
their data exchange," said Todd
Horvath, president of Equifax United States Information
Solutions. "We are focused on creating innovative, member-only
solutions to help solve fraud and deposit challenges,
and to ultimately improve consumer experience – helping people live
their financial best. Additionally, our continued partnership helps
further enable the availability of expanded insights into consumer
payment history alongside our traditional credit report. This is a
significant benefit to both lenders and consumers seeking credit,
particularly those consumers who are underbanked or seeking to
establish a credit history."
For more information on Equifax NCTUE products and services,
please visit:
https://www.equifax.com/business/data-network/nctue/
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), 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 nearly 15,000 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.
FOR MORE INFORMATION:
Eric
Abercrombie for Equifax
mediainquiries@equifax.com
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SOURCE Equifax Inc.