Facilitated by the acquisition of AccountScore, Equifax enhances its consumer and commercial product offerings, combining traditional credit bureau information held by Equifax with bank transaction data.

Regulatory approval for the acquisition has been received from the United Kingdom’s Financial Conduct Authority (FCA). Integration of these new data assets will enable Equifax clients to benefit from higher rates of automated, digital income verification, to carry out more granular assessments of affordability and expenditure and offer more predictive and inclusive credit scoring, by using the most up-to-date information available.

For consumers, this combined data approach will improve an individual’s ability to demonstrate their creditworthiness by enabling information that isn’t currently used to be taken into consideration. This approach enables financial inclusion for those with ‘thin’ credit files, increasing their potential access to credit at a time of great financial uncertainty.

According to Patricio Remon, President of Europe at Equifax, AccountScore is a pioneering company with a proven track record of building innovative Open Banking platforms. He says, “this signals our commitment to continuously evolve and embrace strategic innovation to support our clients’ digital transformation, and will bring many benefits for their customers.”

“More than 2.5m UK consumers and businesses now use Open Banking-enabled products to manage their finances, access credit and make payments. This growth is helping to empower a generation of consumers, giving them more control over their own financial information, offering them greater access to a wider range of financial products and making it much easier to complete simple digital applications.”

“AccountScore and Equifax have an established and successful partnership, having collaborated on a number of products and offerings over the last two years,” said Emma Steeley, CEO at AccountScore. “This acquisition allows AccountScore to accelerate its growth and reach new customers, backed by a powerful global company.”