BOSTON & ATLANTA--(BUSINESS WIRE)--Cignifi and Equifax, a global information solutions company, today announced a multi-year partnership that will help Equifax expand its credit scoring capabilities in Latin America. The agreement will leverage Cignifi’s path-breaking analytics and technology to assess creditworthiness, propensity, and risk based on mobile phone usage data that is provided with explicit consumer consent.
“We are excited to deploy our platform to help Equifax enhance their credit scoring capabilities in Latin America,” said Jonathan Hakim, CEO and founder of Cignifi. “This partnership seals a period of high growth for our company and validates our proprietary behavioral scoring technology, while helping to add a new pool of viable customers to the consumer credit market in the region.”
Cignifi’s technology will enable Equifax to provide risk scores for millions of consumers with limited or no formal credit history. The Predictor Inclusion Score by Equifax will be generated in partnership with local telecommunications companies in each country of operation. Scores will only be available for consumers who opt in and provide consent for use of their mobile phone usage data, ensuring their privacy is respected.
“Our expertise in bringing innovative products to the marketplace combined with Cignifi’s advanced analytical platform makes for a powerful new solution,” said Chris Jones, President of Latin America, Equifax. “We are optimistic that the Predictor Inclusion Score will have a significant impact on financial inclusion in the region – helping to expand access to credit for those consumers who previously had limited interaction with banks or financial institutions. This is a score that will help our clients say ‘yes’ more often to applications for credit, and we’re proud to deliver it in a way that respects consumers and allows us to continue to serve as a trusted steward of their data.”
The new scoring system, which will be delivered online via an application program interface (API), will enable banks, retailers, and insurers to underwrite credit for consumers with no prior formal payments history, marking a significant step forward for financial inclusion in Latin America.
The Predictor Inclusion Score by Equifax will debut this spring.
Cignifi is helping to meet the needs of more than two billion people worldwide who have mobile phones but limited access to formal financial services. The Company has developed the first big data platform to deliver credit and marketing scores for consumers using mobile phone behavior. The Cignifi platform qualifies millions of underserved consumers who lack traditional credit histories, unlocking a massive opportunity to provide access to credit to these same consumers. Cignifi, based in Cambridge, Massachusetts, is backed by leading U.S. venture investors and led by a management team with significant data analytics, financial services and global business experience. For more information, visit www.cignifi.com.
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 600 million consumers and more than 80 million businesses worldwide, and its databases includes employee data contributed from more than 5000 employers. Headquartered in Atlanta, Ga., Equifax operates or has investments in 21 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 9,200 employees worldwide. Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015). For more information, visit www.equifax.com.