Benzinga | Apr 13, 2021 07:47AM EDT

Equifax Promotes Greater Financial Inclusion With New Payment Insights Solution

Equifax(r) (NYSE:EFX) continues to expand its leadership in alternative data solutions with the introduction of Payment Insights. Developed in partnership with Urjanet, the cloud-based Payment Insights solution promotes greater financial inclusion, regardless of the consumer's traditional credit score, by empowering consumers to share utility and telecom payment history with banks or lenders when applying for loans and other services.

According to the Federal Reserve, 63 million American adults are either unbanked or underbanked. These individuals may rely on high-cost alternative financial products and services such as check cashing services or pawn shop loans to meet their day-to-day financial needs. Helping more of these consumers obtain access to mainstream financial services and products requires new insights into individual financial history.