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.