Home / Business and Economy / Equifax Boosts Credit Access with Mastercard Open Finance
Equifax Boosts Credit Access with Mastercard Open Finance
16 Oct
Summary
- Equifax now offers Mastercard Open Finance insights alongside its credit data.
- This aims to expand credit access to millions of thin-file consumers.
- Lenders gain more choices for cash flow data in credit decisions.
Equifax has expanded its open banking offerings, now incorporating consumer-permissioned insights from Mastercard Open Finance. This strategic move provides lenders and fintech companies with additional choices for open finance providers, complementing the existing Equifax consumer credit file.
Mastercard Open Finance's Cashflow Analytics, Payment Risk Insights, and Transaction Report are now available to Equifax customers. These solutions leverage consumer-permissioned bank transaction data to create a more comprehensive financial profile for individuals, thereby enabling financial institutions to responsibly broaden credit access.
The enhanced visibility is particularly impactful for the estimated 76.1 million thin-file or credit-invisible consumers in the U.S. Equifax's integrated approach converts complex bank transaction streams into actionable intelligence for underwriting and portfolio management strategies.
"Our goal is to give our customers the flexibility to choose the open finance provider that works for them," stated Jacob Osborne, Senior Vice President at Equifax. This flexibility allows lenders to integrate cash flow data alongside Equifax credit and alternative data, fostering confident decision-making and opening new consumer opportunities.
Bart Willaert, Executive Vice President at Mastercard, highlighted the importance of trusted cash flow insights in achieving a more complete view of financial health. The collaboration aims to empower organizations to make faster, more confident credit decisions and unlock new avenues for credit expansion.
