Equifax Launches TotalVerify™ Data Hub
Secure Data Hub Provides Social Service Agencies, Lenders, Background Screeners and Employers With a Single Source for Obtaining the Insights Needed to Build Trust, Enable Safety, Verify Information and Assess Risk
ATLANTA, Sept. 8, 2022 /PRNewswire/ -- Today, Equifax® (NYSE: EFX) announced the launch of the TotalVerify™ data hub, a single source for obtaining the data insights that social service agencies, lenders, background screeners and employers leverage to build trust, enable safety, verify information and assess risk. TotalVerify is the culmination of years of Equifax development, augmented by the acquisition of Appriss Insights in 2021. This secure, multi-faceted data and analytics hub is anchored by The Work Number® database and powered by The Equifax Cloud™.
"We are a New Equifax that is continuously diversifying our business to meet the evolving needs of our customers and the consumers they serve," said Mark W. Begor, CEO of Equifax. "Over the last two years, we have extended the scope of our verification capabilities beyond income and employment to make Equifax the resource of choice for public and private sector intelligence. With the launch of TotalVerify, we are fulfilling our vision for a secure data hub while strengthening our ability to drive new product innovation for our largest and fastest-growing business unit, Equifax Workforce Solutions. TotalVerify will enable our customers to access multi-data solutions derived from an unparalleled set of differentiated information assets spanning employment, income, education, incarceration, healthcare credentialing, identity and more."
With 11.2 million job openings in the United States – nearly double the pool of available workers – employers are competing for scarce talent and increasingly seeking a single source for obtaining multiple data assets that can provide a more holistic view of candidates. At the same time, demand for social services has also increased, with rising inflation and continued need in response to the COVID-19 public health emergency spurring record enrollment numbers in social service programs. This increase in demand also creates a critical need for multiple types of data insights to assure that benefits are allocated appropriately.
"At Equifax, we understand that deeper data insights help drive better decisions and work, and this is true whether you are an employer, lender, background screener or social service agency," said Joe Muchnick, Senior Vice President of Employer Services and Talent Solutions at Equifax Workforce Solutions. "TotalVerify is designed to provide public and private organizations with the timely, critical data they need with the convenience of obtaining multiple types of data from a single source. Speed matters, and the information we provide through certain products can help employers quickly and confidently assess and onboard the talent they need to grow their businesses. It can also help social services agencies quickly and efficiently deliver much-needed benefits to eligible applicants."
Government agencies reviewing applications for social service benefits — such as healthcare, food or financial assistance — require certain types of data. This may include verifying the applicant's identity as well as determining their employment or financial status in order to assess eligibility. It may also include checking incarceration data to point to helpful information for continuity of care. Likewise, when background screeners or employers are gathering information and/or assessing job applicants, they are seeking data to help better understand the applicant's history in terms of education, employment, incarceration and in some cases certifications or sanctions.
"TotalVerify provides powerful, differentiated datasets to help reduce people-based risk while providing crucial insights," said Brian Matthews, Senior Vice President and General Manager of the Insights business at Equifax Workforce Solutions. "By making person-based risk intelligence data available at the same place as employment, income and education verifications we are helping fuel more efficiency for our customers."
The TotalVerify data hub is managed within the Equifax data fabric, ensuring that data sources are maintained separately and allowing for data isolation and management of applicable regulatory requirements. In a rapidly evolving privacy landscape, our single data fabric ensures that each data asset can be configured with distinct rules that govern how the data is used, allowing Equifax to adapt to new regulatory requirements in any geography and update these controls at any given time. Our 2021 Security Annual Report provides additional context for the company's robust cybersecurity and privacy framework.
To learn more about the TotalVerify data hub, visit our website.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
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Daniel Jenkins for Equifax Workforce Solutions
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SOURCE Equifax Inc.
Released September 8, 2022