Omidyar Network
  • Our Strategy
  • Home
  • About
    • Who We Are
    • Our Approach
    • People
    • Values & Policies
    • Financials
    • Contact
  • Focus Areas
    • Reimagining Capitalism
    • Responsible Technology
    • Pluralism
  • Partners
  • News and Insights
    • Newsroom
    • Insights
    • Perspectives
Menu  
  • Our Strategy
  • Home
  • About
    • Who We Are
    • Our Approach
    • People
    • Values & Policies
    • Financials
    • Contact
  • Focus Areas
    • Reimagining Capitalism
    • Responsible Technology
    • Pluralism
  • Partners
  • News and Insights
    • Newsroom
    • Insights
    • Perspectives

Cignifi and Equifax Partner to Bring Next-Generation Credit Scores to Unbanked Population in Latin America

Posted OnMarch 30, 2016 byadmin

Expansion of underwriting capabilities for thin-file and no-file consumers will be made possible by insights generated from mobile phone usage data.

Boston, MA, and Atlanta, GA, March 30, 2016 – 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.

    • About
    • Focus Areas
    • Partners
    • News and Insights
    • Omidyar Network Jobs
    • Contact
  • Omidyar Network is a venture of The Omidyar Group.
  • Twitter Linkedin RSS
We use cookies for a number of reasons, such as keeping the site reliable and secure, analyzing how our site is used, and to improve your experience and support our mission. By using our site, you agree to our use of cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT