Equifax Canada has announced that the first phase of its platform which is says will enable its clients to deliver a better end-consumer experience, faster service, and fair and flexible access to credit for all Canadians.
The new product should help mortgage lenders to better assess those Canadians with little-to-no credit history and give those consumers wider choices than just the high-interest lenders.
"Our clients want and need us to innovate by helping them reach new markets and compete more effectively in a rapidly changing credit environment that includes emerging alternative and Fintech lenders. This investment will go a long way to achieving that goal," explained Jimmy Chan, Chief Information Officer, Equifax Canada.
Among the insights available to lenders is trended credit data which details repayment history and highlights trends adds significant insight that goes well beyond a static point-in-time credit score when it comes to underwriting lending risk.
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Mortgage lenders will have access to enhanced insights into customers’ credit profiles following the release of a new multi-million-dollar technology platform.