Equifax Delivers Solutions to Help Customers and Consumers During COVID-19 Economic Impact
As a leading data, analytics, and technology company, Equifax and its affiliates support thousands of customers and millions of consumers across 27 countries. In recent weeks, Equifax has unveiled several steps leveraging its unique data assets to support our customers in this unprecedented and rapidly changing economic environment where consumers are impacted like never before. We will continue to introduce new, creative solutions to help our customers of all sizes navigate these difficult times.
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Equifax Response Packages: Equifax is helping customers respond to the impact of the COVID-19 crisis with new Equifax Response packages. These packages are based on customer and industry feedback and are designed to help organizations assess current and predicted trends during this period of unprecedented market uncertainty. Complimentary consumer credit trend reports make actionable economic insights readily available, and services that evaluate accounts and portfolios allow businesses to better plan and manage their customers for the future.
SME Lending Solution to Speed Loans Under US CARES Act: Understanding that technology is key to getting much needed capital to Main Street small businesses, Equifax has introduced the PayNet P3 Data Pack. The new platform provides critical integration, automation, and verification technology to help lenders expedite Paycheck Protection Program loans to Small and Medium-sized Enterprises (SMEs). Streamlining loan processing can expedite funding, which can speed relief to small businesses and their employees.
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Employer Webinar Series: To help guide employers through the rapidly changing work environments and navigate related legislative and compliance issues, Equifax is sharing information gathered by our experts with employers nationwide through free, timely webinars. Sessions have covered the new CARES Act provisions for unemployment as well as recent changes issued by the Department of Homeland Security (DHS) around Form I-9 and E-Verify.
I-9 Anywhere: As certain industries have moved quickly through significant hiring needs, the mobile-capable Equifax I-9 Management software has been updated to incorporate the temporary DHS guidance and simplify our remote Form I-9 completion network procedures. These steps are aimed at helping employers quickly onboard new-hires while still aligning with community social distancing requirements.
Supporting Social Safety Nets: Our digital social service verifications, which can be accessed by case managers working remotely, have helped states continue to process nearly 5 million applications for social safety net programs in the first quarter of 2020.
Eliminating Hard Credit Inquiries for Telco Services: Given the increased dependency on wireless and wired phone service as well as internet connectivity, Equifax is now eliminating the need for hard credit inquiries when opening phone or internet service and paid TV service accounts. Hard credit inquiries are authorized by consumers when lenders or service providers check their credit to make a lending or account decision. Soft credit inquiries do not impact a consumer’s credit score. Instead, “soft pulls” are records of credit checks that are typically only visible to the consumer and are not used to calculate credit scores.
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