WASHINGTON, Dec. 21, 2015 /PRNewswire/ -- Equifax (NYSE: EFX) today hailed the enactment of the Federal Improper Payments Coordination Act of 2015, which will improve existing programs, requirements, and procedures across federal agencies established to identify and prevent improper payments.
The Federal Improper Payments Coordination Act (S. 614), which was sponsored by Senators Ron Johnson (R-WI) and Tom Carper (D-DE) in the Senate and Representatives Mick Mulvaney (R-SC) and Cheri Bustos (D-IL) in the House, was signed into law by President Obama Friday afternoon.
The new law gives the judicial and legislative branches, as well as state agencies and contractors that manage federal funds, access to data from the Treasury Department's Do Not Pay program, a system of databases that agencies can use to verify vendors and beneficiaries seeking payment from the government, in order to reduce improper payments.
Additionally, the bill would require more data sharing and analysis, including the reporting of U.S. deaths overseas, for government-wide waste and fraud reviews.
The Do Not Pay program was originally established as a one-stop shop to allow state and federal agencies to check various databases, including Equifax's The Work Number database, before making payments or awards in order to identify ineligible recipients and prevent fraud or errors from being made.
"Equifax is proud to be a contributor to the Do Not Pay program and its mission to protect the integrity of the government's payment process by assisting agencies in mitigating and eliminating improper payments in a cost-effective manner while safeguarding the privacy of individuals," said Debra Rohlman, Vice President of Verification Services at Equifax. "The passing of the Federal Improper Payments Coordination Act of 2015 should lead to significant improvement in program integrity by providing agencies the necessary information they need to make informed decisions on behalf of individuals who need assistance."
About Equifax Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500(R) Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2015, Forbes named Equifax one of the World's 100 Most Innovative companies; Bloomberg BusinessWeek nominated it as one of its Top 50 companies; its CIO was named one of the top 100 by CIO magazine; the company ranked 13(th) in the Fintech 100 list; and it was recognized as a top 20 company to work for by the Atlanta Journal-Constitution and was named a 2015 InformationWeek Elite 100 Winner. For more information, please visit www.equifax.com
SOURCE Equifax Inc.