BFC Bulletins Monthly News Digest
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.
