Equifax in partnership with Urjanet introduces Payment Insights

By Pavithra R

Equifax, a global data, analytics, and technology company has announced the introduction of Payment Insights, a cloud-based offering that empowers consumers to share utility and telecom payment history with banks or lenders when applying for loans and other services.

The new solution is developed in partnership with Urjanet. Payment Insights solution promotes greater financial inclusion, regardless of the consumer’s traditional credit score.

“Urjanet data has shown that more than 90 percent of U.S. adults have at least one household utility service in their name. The Payment Insights product was designed with the understanding that utility payment information is a powerful source of data when traditional credit insights may not be available. Broader visibility into a person’s ability to pay has the potential to positively impact a person’s financial profile. We are giving lenders smarter insights that improve the consumer experience, by uncovering qualified applicants who may have otherwise been hidden from view,” said Mark Luber, Chief Product Officer for Equifax United States Information Solutions (USIS).

Payment Insights makes it easy for consumers to share utility payment history. The API-driven product allows lenders to integrate the data into review processes seamlessly while meeting the standards for the protection of consumer data security, confidentiality and integrity. Individuals need to provide consent to connect their utility accounts from a lender’s branded experience, and up to 12 months of data is delivered from the utility provider to the lender in tradeline format. The report pulls account information, obligation details and payment histories to give lenders a holistic view of the applicant.

“Urjanet and Equifax share the belief that consumer-permissioned data will play an increasingly important role in the financial profiles of consumers worldwide. With Payment Insights, consumers can share information from a network of thousands of utility providers covering almost 90 percent of the U.S. population to create a more complete financial portrait. We’re enabling lenders to better reach underserved markets and quickly qualify more borrowers,” said Shannon Johnson, Head of Financial Services and Chief Strategy Officer at Urjanet.

Established in 1899, Equifax is a global data, analytics, and technology company. It operates or has investments in 25 countries in North America, Central and South America, Europe, and the Asia Pacific region.