Equifax continues to help lenders and service providers of every size navigate the uncertainty of the COVID-19 economy with the new Response CONFIDENCE solution suite. Response CONFIDENCE is a flexible set of solutions designed to help businesses transform today’s economic uncertainty into a better understanding of risk and drive more confident decisions. The suite enables businesses to visualize new consumer and market trends; provides the data-driven insights needed to support consumers in this challenging economic time; and offers tools that empower people to share alternative data not currently available in credit reports for a more complete financial picture.
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Traditional credit data and scores remain a critical component of the credit process. However, the impact of the pandemic has been felt by consumers across credit bands. Whether prime, sub-prime or thin file, increasing global health concerns and rising unemployment rates have affected personal finances. A recent Consumer Credit Confidence survey from Equifax indicated that while optimism in the wake of COVID-19 is increasing, 53% of surveyed consumers remain concerned about how the pandemic may affect them further financially over the next six months.
“Response CONFIDENCE was created with the understanding that lenders and other service providers want to support customers in a time of need while safeguarding their businesses for the future. They require additional ways to assess both consumer credit worthiness and ability to pay in this unprecedented time,” said Mark Luber, Chief Product Officer for United States Information Solutions (USIS) at Equifax. “More data provides more confidence. We have enabled a layered approach to credit decisioning with the deeper insights businesses need to responsibly open up new financial opportunities at a time when consumers need them most.”
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