Equifax Inc. and Urjanet are partnering to give more power to consumers and businesses to use their payment data from utility, telecom and cable providers to give a more complete picture of payment histories and credit worthiness. The partnership builds on Equifax’s leadership in alternative data, using the Urjanet Utility Data Platform to incorporate consumer-permissioned data into the Equifax differentiated data approach.
Consumer-permissioned data is a powerful form of alternative data that puts consumers in charge of what information is shared with insurers, lenders and other service providers that typically require a credit report during the application process. Urjanet enables consumer-permissioned access to information from more than 6,500 electricity, natural gas, water, waste, cable and telecom providers in 47 countries around the world. This consumer-permissioned information is helpful not just for establishing a more accurate picture of financial history, it is also a powerful tool for individual identity verification, eliminating the need for cumbersome printed utility bill copies frequently required as proof of address.