Cignifi and Equifax announced a multi-year partnership that will help Equifax expand its credit scoring capabilities in Latin America. The agreement will leverage Cignifi’s path-breaking analytics and technology to assess creditworthiness, propensity, and risk based on mobile phone usage data that is provided with explicit consumer consent.
Cignifi’s technology will enable Equifax to provide risk scores for millions of consumers with limited or no formal credit history. The Predictor Inclusion Score by Equifax will be generated in partnership with local telecommunications companies in each country of operation. Scores will only be available for consumers who opt in and provide consent for use of their mobile phone usage data, ensuring their privacy is respected. The new scoring system, which will be delivered online via an application program interface (API), will enable banks, retailers, and insurers to underwrite credit for consumers with no prior formal payments history, marking a significant step forward for financial inclusion in Latin America.
The Predictor Inclusion Score by Equifax will debut this spring.
About: Cignifi is helping to meet the needs of more than two billion people worldwide who have mobile phones but limited access to formal financial services. The Company has developed the first big data platform to deliver credit and marketing scores for consumers using mobile phone behavior. The Cignifi platform qualifies millions of underserved consumers who lack traditional credit histories, unlocking a massive opportunity to provide access to credit to these same consumers. Cignifi, based in Cambridge, Massachusetts, is backed by leading U.S. venture investors and led by a management team with significant data analytics, financial services and global business experience.