New Equifax Product Gives Better Consumer Credit Insights, Reduces Risk
Equifax Dimensions(TM) Assesses Hundreds of Payment Characteristics
ATLANTA, Aug. 21, 2013 (GLOBE NEWSWIRE) -- Equifax (NYSE:EFX) today announced the availability of a new product, Equifax Dimensions™, which delivers a more in-depth picture of past credit behavior in order to better predict future credit trends. Using this new solution, lenders can see up to two-years' worth of detailed consumer credit activity allowing them to make more precise and profitable lending decisions.
Equifax Dimensions analyzes hundreds of detailed payment characteristics to identify consumer patterns by industry and account type. Users can access 24 months of consumer balance, payment and credit utilization data to differentiate behaviors and maximize consumer insight in their decisions.
Equifax Dimensions has a direct positive impact on lenders' and service providers' acquisition, origination, account management and analytics strategies, enabling them to:
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Identify which consumers are most likely to open accounts;
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Predict how much and where consumers are likely to spend;
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Create an indicator for credit line increases and the likelihood for staying current on payments following an increase;
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Determine ratio of spend against certain factors, like balance or payment;
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Identify propensity of a consumer to accept a balance transfer;
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Predict capacity to incur additional debt while staying current;
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Determine "breaking point" of spend that will lead to default; and
- Evaluate credit risk to better preempt default and/or bankruptcy
"Equifax Dimensions gives our customers a window to look further into consumer credit trends so that they can make more informed lending decisions to therefore increase profitability," said John Cullerton, Senior Vice President, Product Innovation and Management, Equifax. "Equifax is constantly utilizing deeper, more meaningful analytics so that we can provide innovative solutions designed specifically to meet our customer's needs. This new product is an example of one of those solutions – and a simple way to help our customers increase their bottom line, while still effectively taking care of the consumer."
About Equifax
Equifax is a global leader in consumer, commercial and workforce information solutions, that provides businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.
CONTACT: Meredith Griffanti
Media Relations
(404) 885-8913
meredith.griffanti@equifax.com
Released August 21, 2013