- Today Equifax Inc. (NYSE: EFX) announced the availability of a new Response RECOVERY solution suite. These are the details.
Today Equifax Inc. (NYSE: EFX) announced the availability of a new Response RECOVERY solution suite, which is expected to help both consumers and businesses weather the COVID-19 economy and plans for the future. Response RECOVERY utilizes advanced Equifax analytics and differentiated data assets to help lenders and service providers offer additional services and support. This solution can help better serve customers at a time of need and sustain the business growth that serves as the lifeblood of the American economy.
“Traditional credit scores remain an important component of the lending process,” said Mark Luber, Chief Product Officer for Equifax USIS. “In an unprecedented period of recession, we also believe that more data means better decisions for those consumers and small businesses that need access to additional credit. Response RECOVERY provides lenders and service providers with the data and analytics they need to both care for their customers and ensure the long-term health of their portfolios.”
During the 2008 recession, a prolonged credit crunch had impacted financial institutions’ ability to lend, consumers’ ability to borrow. And it impaired the financial system overall.
Response RECOVERY was designed for helping lenders and service providers to improve insights as they consider how to extend credit to those who are eligible for loans and other services at a time when they need it most. And with Equifax Response RECOVERY, lenders and service providers can help ensure consumer access to credit.
And point-in-time and trended consumer insights provide important information for underwriting during a period of economic instability. This is designed for providing institutions with greater confidence in their underwriting process needed to help ensure consumer access to credit.
With Response RECOVERY, lenders and service providers are able to get the information they need to reach out and support their existing customers already in accommodation situations at other institutions.
The new Equifax Ignite Market Intelligence Sandbox enables organizations to securely access and analyze aggregate trends across multiple Equifax datasets to make more timely decisions related to COVID-19 analysis and other periods of hardship.
Response RECOVERY was also built with the understanding that small businesses (SMBs) are the backbone of the U.S. economy. And according to a 2019 U.S. Small Business Administration report, SMBs create two-thirds of net new jobs and drive U.S. innovation and competitiveness. Plus they also generally respond to changes in the economic conditions more rapidly than larger businesses, providing leading indicators of economic shifts. Response RECOVERY also provides reliable predictors of small business financial stress, advanced signals of business cycle inflection points, and statistically valid indicators of unemployment change.
