Equifax deal to help credit-score-challenged buyers

06/16/2015

Equifax deal to help credit-score-challenged buyers

ATLANTA – June 15, 2015 – Equifax Inc. – one of the three big credit score firms in the U.S. – announced that it's working with Credit Builders Alliance (CBA) to serve the almost 26 million Americans who, according to recent research by the Consumer Financial Protection Bureau (CFPB), are considered to be 'credit invisible.'

Through the agreement between Equifax and CBA, mission-focused non-profits will be able to report loan data directly to Equifax, expanding its database to include financial information that would help consumers with thin or no files build credit.

"We support CBA's views that good credit is essential to achieving fiscal health and stability, and have also pledged to fund a pilot program that will help credential 170 non-profits to report data to Equifax," says Michael Gardner, senior vice president, Equifax. "By further enabling verified non-profits, we are expanding access to credit for those that may have previously been categorized as credit invisible."

Consumers without a credit report find it can impact their "opportunities for gaining employment and qualifying for loans, often resulting in higher deposits for services such as cell phones and utilities," says Dara Duguay, executive director, CBA. "Quite simply, credit invisibility means fewer economic opportunities for these consumers, when, in fact, low- and moderate-income families need more financial options – not less."

Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide. Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500 Index.

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