Cignifi and Equifax have inked a multi-year partnership to help Equifax expand its credit scoring capabilities in Latin America.
The agreement will leverage Cignifi’s analytics and technology to assess creditworthiness, propensity, and risk based on mobile phone usage data that is provided with explicit consumer consent.
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.
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.
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