Equifax Inc. (NYSE: EFX) has extended its long-standing relationship with the National Consumer Telecom and Utilities Exchange, Inc.® (NCTUE®).
NCTUE is an independent, Fair Credit Reporting Act-compliant consumer reporting agency that maintains an industry-specific database of payment information for telecommunications, wireless, cable, pay TV, home security and utility companies.
Under the terms of the current agreement, Equifax will continue its operation and management of the NCTUE database. Equifax will also maintain the exclusive right to deliver NCTUE products and services, including: Equifax Insight Scores for Credit, Rental Scores, Advanced Communications Plus, Advanced Energy Plus and many others through 2024. This extended service agreement continues Equifax operation and management of the NCTUE database, subject to the oversight of the NCTUE board of trustees.
“This extended service agreement enables service providers to better identify and manage financial risks and more effectively monitor customer relationships,” said Brian Newcomb, AT&T Director of Credit Policy and Strategy and President of the NCTUE Board of Trustees. “Equifax has maintained a relationship with NCTUE for 23 years, working with the exchange to launch the NCTUE database in 1996. We are pleased to continue our work to support our 120 company members and their customers’ needs.”
The database empowers NCTUE members to safely and responsibly provide mainstream credit for millions of consumers. Through the exchange, members leverage alternative data assets through Equifax products and innovative services that help member companies and lenders expand credit access when traditional credit data is limited or unavailable to assess risk.
“Working on behalf of NCTUE for more than two decades has given Equifax an unmatched understanding of the telecom and utilities industry,” said Sid Singh, president of Equifax United States Information Solutions (USIS). “Alternative data sources like utility payment history present a tremendous opportunity for the underbanked or credit invisible. Telecom and utility payment history is not currently considered in traditional credit reports, but alternative data can help consumers improve creditworthiness in the eyes of service providers as individuals seek new products, credit and services.”
In addition to its management of the NCTUE database, Equifax maintains a powerful suite of data insights. This includes The Work Number® database, the industry-leading, centralized repository of income and employment information in the U.S.; and the Equifax Commercial Financial Network (CFN), which provides organizations with a 360-degree view of risk, through traditional and non-traditional types of data, to help organizations improve decision making and generate revenue. These differentiated data assets are augmented by the acquisitions of DataX and PayNet as well as the recently announced partnerships with Urjanet and Envestnet⼁Yodlee.
For more information on Equifax NCTUE products and services, please visit: https://www.equifax.com/business/nctue-plus/.
Source: Equifax Inc.