Equifax Acquires DataX to Expand Credit Access for Consumers
ATLANTA, July 16, 2018 /PRNewswire/ -- Equifax Inc, (NYSE: EFX) a global information solutions company, announced today that it has acquired DataX, Ltd, a leading specialty finance credit reporting agency and alternative data provider to lenders nationwide.
Through DataX, Equifax will help lenders expand credit access and broaden financial inclusion for more consumers, specifically in underbanked populations. DataX's data assets complement the Equifax core credit database adding alternative credit and payment data, analytics and identity solutions on underbanked consumers to the installment loan, rent-to-own and lease-to-own markets. Additional offerings include 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," said Trey Loughran, president, United States Information Solutions, Equifax. "The combination of DataX's data with Equifax's unique and robust data assets will add more depth to consumer's profiles and will help lenders expand borrowing options."
The acquisition of DataX complements other unique Equifax data assets that help provide greater depth and reach to those seeking credit such as The Work Number, the nation's largest centralized repository of payroll data, managed by Equifax.
"Only 39 percent of Americans1 are able to cover a $1,000 emergency expense, which means the majority of people at some point will need some type of financial assistance," said Jon Geidel, president of DataX. "For more than 14 years, DataX's mission has been to support our partners to find more reasons to include underbanked consumers. Joining Equifax complements our mission and affords consumers better access to the credit they deserve to meet their financial needs."
DataX and its employees are now part of the Equifax Banking and Lending division.
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1 Source: https://www.bankrate.com/banking/savings/financial-security-0118/
About Equifax
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 10,400 employees worldwide.
About DataX Ltd.
DataX Ltd., one of the fastest growing alternative data credit reporting agencies, offers premier financial management solutions to businesses through a suite of advanced products focused on mitigating risk and improving profitability. Founded in 2004, DataX has developed a proprietary database containing information and alternative data inclusive of demographic, financial, and tradeline information and history for millions of consumers, making it one of the largest of its kind in the United States. By leveraging the most advanced credit reporting and alternative data in the market, its proven approach to fraud and risk management solutions extends well beyond any other resource. DataX provides a comprehensive suite of real-time credit reporting, data verification, and authentication services that benefit financial service providers, consumer durable goods services, gaming services, automotive finance, and private equity lenders. The insights gleaned from DataX services allow businesses to "know your customer" (KYC), manage risk proactively, safeguard their business and consumers from fraud, lower consumer acquisition costs, increase revenue opportunities, and customize analytics to manage business performance. For more information, visit: www.DataXLtd.com.
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SOURCE Equifax Inc.
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