Equifax and the Independent Community Bankers of America have renewed their contract for Equifax to serve as ICBA’s preferred provider of credit information services. The renewal, which was completed in June, waives both set-up fees and monthly minimums for the first year to ICBA members that are not currently using Equifax for basic credit reporting services. Current clients will be offered discounts on enhanced credit information services.
“This renewal enhances and builds upon a 15-year relationship between Equifax Payment Services and the ICBA that began by giving community banks the opportunity to become independent issuers of Visa and MasterCard credit and debit cards” said Ken Guenther, ICBA executive vice president.
The agreement lasts for three years and contains an option to renew. “In addition to traditional basic credit reporting, we can provide ICBA banks with a new set of financial tools, innovative technologies, and new ways to conduct profitable, growth-oriented business in the 21st century,” said Lee Lovvorn, senior vice president of regional sales for Equifax’s North American Information Services division.
ICBA is the primary voice for the nation’s community banks, representing 5,500 institutions at nearly 16,700 locations nationwide. Community banks are independently owned and operated and are characterized by attention to customer service, lower fees and small business, agricultural and consumer lending. ICBA’s members hold more than $491 billion in insured deposits, $589 billion in assets and more than $344 billion in loans for consumers, small businesses and farms. They employ nearly 232,000 citizens in the communities they serve. For more information, visit [http://www.icba.org].