Of Special Interest

18th October 2011

Equifax to Offer First Data Confidence Score Solution

Equifax is to offer its clients the First Data Confidence Score solution. The alternative score solution is particularly appropriate for low / no credit history customers including sub-prime. Much of the Confidence Score is derived from TeleCheck's check writer data and the financial institution database in conjunction with First Data's risk and fraud detection analytics. This is said to identify the consumers' financial management beyond the credit arena.

Financial institutions can use the information to segment checking account customers for product and account privileges that align with their risk profile. First Data suggest as examples that banks and credit unions might choose not to offer a debit card or overdraft protection, or to apply check writing limitations to some customers based on the score. The flagging of certain for closer monitoring is another suggested outcome.

"Listening to our customers, we recognize that today's banks and credit unions are looking for new and faster ways to achieve increased transaction growth while enhancing risk mitigation and supporting lower operating costs," said Joy Wilder Morgan, senior vice president, Equifax Financial Services Group. "First Data's solution meets this market demand and helps financial institutions expand and diversify their household deposit base by enabling them to target and reach profitable applicants and drive greater ROI from risk decisions."