Equifax Brings New Decision Intelligence to the Cloud-Based OneView Report for Businesses With The Work Number Database
Visual, Configurable OneView Report Includes Customizable Views of Traditional Credit Information as well as Income and Employment Data to Help Businesses Expand Access to Credit
Equifax (NYSE: EFX) 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.
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.
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.
Source: Equifax Press Release