Market Overview

Equifax delivers on data for customers in 2018

Share:

ATLANTA, Jan. 17, 2019 /PRNewswire/ -- Equifax Inc. (NYSE:EFX) delivered on its commitment to helping customers make smarter decisions with unique data throughout 2018 with the introduction of new solutions, technologies and services across multiple industries. Hundreds of data scientists in the global Equifax Data & Analytics Lab work every day to better connect the company's unique data with the unique needs of customers through a relentless pursuit of new innovation in predictive analytics, machine learning and explainable artificial intelligence (AI).

EFX logo - Powering the World with Knowledge (PRNewsfoto/Equifax Inc.)

"At Equifax, we're focused not just on offering the most robust and accurate data, but also on partnering with our customers to develop and refine solutions that meet their needs and deliver actionable insights that have a positive impact for their businesses and consumers," said Prasanna Dhore, chief data and analytics officer for Equifax. "2018 was an exceptional year for our team as we pioneered new, industry leading technologies in AI and data intelligence, and we're excited to continue this strong momentum in 2019."

Major data innovations from Equifax in 2018 included:

  • The Analytic Dataset™ – Introduced in February, the new analytic tool provides borrower-level data in an anonymous and non-aggregated form, delivering key information for researchers and modelers such as credit risk scores, geography, debt balances and delinquency status at the loan level for all types of consumer loan obligations and asset classes. Read more here
  • NeuroDecision® Technology – Launched in March and patented in November, NeuroDecision is the first machine learning credit scoring methodology reviewed by regulators and credit scoring experts. NeuroDecision develops an explainable neural network model that improves performance and accuracy, which gives customers the ability to make more informed business decisions when assessing risk. Read more here.
  • The Blended Commercial Insight™ Delinquency Score – Released in April, this high-performance product predicts the likelihood of a business incurring severe delinquency (91 days or greater), charge-off or bankruptcy on financial accounts within the next 12 months.  The latest addition of this product suite is the first solution to combine consumer credit information with the trended business credit data in the Equifax Commercial Financial Network. Read more here.
  • Acquisition of DataX® – Through the DataX acquisition in July, Equifax is better able to help lenders expand credit access and broaden financial inclusion for more consumers, specifically in underbanked populations. DataX's data assets complement the Equifax core credit database adding alternative credit and payment data, analytics and identity solutions on underbanked consumers to the installment loan, rent-to-own and lease-to-own markets. Read more here.
  • The Advanced Model Engine – Introduced in August, the tool is a modular model development and deployment library which uses big data and distributed computing to quickly and efficiently create models that can be seamlessly deployed with applications across industries and use cases. Enabled by AI and machine-learning, the tool results in faster model implementation due to reduced friction and more predictive risk models for businesses of all sizes. Read more here.
  • SmartReserve™ – Unveiled in September, SmartReserve was developed to help SEC-registered banks and financial institutions meet the new Current Expected Credit Loss (CECL) standards ahead of the Q1 2020 deadline. SmartReserve is powered by Equifax Credit Trends, which provides data to help support new CECL standards with respect to customers accurately forecasting their reserves based on this new modeling standard. Read more here.
  • Equifax Peak Attributes – Introduced in October, Equifax Peak Attributes is a comprehensive attribute portfolio built on proven, differentiated data, driven by innovative analytic techniques, and supported by patent-pending technologies. With Peak Attributes, customers get improved predictability and performance to help them move quickly and easily to peak performance.  Read more here.
  • Global Data Growth & New Capabilities – The launch of the Ignite solution in Australia, Canada, Latin American and the United Kingdom, as well as the creation of new service centers in Buenos Aires and Bangalore to drive excellence in analytics.

These customized data solutions are available for customers as part of the revolutionary Equifax Ignite® environment. Equifax Ignite is a portfolio of premier data and advanced analytics solutions that supports the full analytical life cycle – from data access and transparency to visualization and deployment – using a single, connected suite of advanced analytical processes, technology and tools. Learn more at www.equifax.com/equifaxignite.

ABOUT EQUIFAX INC.
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn

FOR MORE INFORMATION
Jacob Hawkins
Media Relations
MediaInquiries@equifax.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/equifax-delivers-on-data-for-customers-in-2018-300780249.html

SOURCE Equifax Inc.

View Comments and Join the Discussion!