Resources

The “R” word can’t be ignored. Get prepared now! As growth slowed in 2019, we were reminded of the Great Recession of 2009, and we are increasingly on the lookout for the next one. According to some economists, it’s a question of when—not if—a recession will arrive. Now’s the time to prepare so you’re not […]

Sometimes lenders are the last to know when their consumers are under financial stress. In these inflationary times, we strongly recommend gaining a comprehensive view into your consumers’ credit profiles with a Customer Portfolio Review™ (CPR) so you can proactively minimize risk exposure as you head in 2023. A CPR delivers the power to proactively screen the […]

Recent legislative changes have resulted in many banks facing new and renewed lending guidelines. The regulatory expectation is that financial institutions must not only proactively develop outreach and marketing programs targeted to reach low- and moderate-income (LMI) individuals and those in majority-minority census tracts (MMCTs) but also secure those loans. COMMUNITY REINVESTMENT ACT (CRA) In March 2020, The […]

Know more (about your business consumers + prospects) to grow more. You wouldn’t lend to an individual consumer without accessing their credit report, so I know you value similar due diligence regarding your small-business prospects. To be successful, financial institutions must leverage risk insights before providing commercial prospects with access to credit. Equifax can help […]

Targeted marketing always wins, especially in a slowing market As the summer winds down and we head into Q4, it’s not surprising to see decreased home-buying activity. But compared to the recent housing hot streak, this seasonal drop seems to hit harder. Now, more than ever, it’s important to make your marketing dollars count. Reaching the […]

You might be noncompliant without knowing it. Standard credit report vs. employment report The credit report you pull to make lending decisions is not the same as the report you run for employment purposes. If you’re using them interchangeably, then you are not adhering to FCRA requirements. When obtaining a consumer report for employment purposes, you must: […]

It’s hard to believe, but we’re nearing Q4! Now’s the time to plan your holiday promotions to attract new consumers and cross-sell services to existing ones. Good news: We can help you grow your book before year-end with an Equifax prescreen. A prescreen combines the data quality of Equifax’s vast credit database with insights from its attributes and […]

Save time and money with proactive risk management.  Looking for new ways to increase revenue? Your small-business loan portfolio could be a primary segment for growth. But do you have an effective, efficient way to analyze your risk and opportunities? Equifax’s Absolute Probability of Default® (AbsolutePD®) gives you full visibility with an online platform for risk analysis. […]

Confirm identity legitimacy with confidence. As consumer preferences for digital transactions continue to grow, financial institutions must reevaluate what those digital interactions look like—not only to better serve their consumers but also to maintain and grow their business. Carefully orchestrated verification strategies are critical in today’s digital era to fight existing and evolving fraud, comply […]

Conveniently comply with required loss forecasting models. Banks and finance companies, how well are you adjusting to the Current Expected Credit Loss (CECL) accounting standard? Credit unions, will you be ready come January 1, 2023? We know it’s a big change having to project the expected loss for each loan at the time of origination, but […]