Equifax now offers consumer-permissioned financial insights enabled via Mastercard Open Finance alongside the Equifax consumer credit file, the company said in a Friday (Oct. 16) press release.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

Equifax customers can now access Mastercard Open Finance’s Cash Flow Analytics, which produces cash flow attributes based on up to 24 months of credits, debits and balances; Payment Risk Insights, which delivers a score that helps predict payment risk and spot early signs of repayment stress; and Transaction Report, which provides six or more months of cleansed, categorized and enhanced bank transaction data, according to the release.

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

The resources are meant to be used by lenders and integrated into their existing underwriting stacks. This kind of cash flow data can help financial institutions responsibly broaden credit access and streamline approvals for consumers in the United States who are “thin-file or credit invisible,” the release said.

Lenders can now choose Mastercard Open Finance from among the solutions and open finance providers available in Equifax Open Banking Solutions, per the release.

“Our goal is to give our customers the flexibility to choose the open finance provider that works for them and provide that data alongside Equifax credit and alternative data to make confident decisions that can open up new opportunities for consumers,” Jacob Osborne , senior vice president and general manager, FinTech and payments at Equifax, said in the release.

Source link