Equifax acquires alternative data provider DataX
Consumer insights and credit scoring company Equifax has purchased credit reporting agency and alternative data provider DataX, reports Julie Muhn at Finovate.
The move is expected to promote financial inclusion for underbanked consumers by helping lenders expand access to credit.
DataX’s alternative data stores complement Equifax’s core credit database, as well as specific services such as The Work Number, Equifax’s centralised repository of payroll data.
Equifax says it will also benefit from DataX’s analytics and identity solutions, as well as credit reporting, ID verification, bank account verification, and custom risk services.
“Giving consumers fair access to credit has always been a key economic driver for upward mobility, and this acquisition will help more consumers gain access to credit and capital,” says Trey Loughran, president of United States Information Solutions at Equifax.
As a part of the transition, the DataX brand and its 18 employees have been integrated into Equifax’s Banking and Lending Division. Other recent acquisitions in Equifax’s portfolio include ID Watchdog and Veda Advantage.
Last week, Equifax teamed up with Thinking Capital to launch BillMarket, a solution that helps small businesses in Canada extend payment terms and increase their purchasing power.
Earlier this year, Equifax appointed a new CTO, launched NeuroDecision technology for neural network modeling, and unveiled Lock & Alert, a service that helps consumers lock and unlock their Equifax credit report.
