Equifax, Inc. (NYSE: EFX) purchased a transaction analytics provider, AccountScore Holdings Limited, to beef up its Open Banking and insights capabilities. The acquisition of AccountScore will enable Equifax to enhance its consumer and commercial product offerings, combining traditional credit bureau and bank transaction information that Equifax holds with AccountScore’s operational analysis.
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Equifax Inc. (EFX) has seen a surge of 0.43% in recent trading, with its most recent closing price being $179.41. The current price level is 0.41% below the highest price of $196.47 the company touched during the past 52-weeks, while it is 74.17% higher than the lowest price of $103.01 the company registered over the same period.
By utilizing these data assets, Equifax client companies can benefit from higher rates of automated, digital income verification, to carry out more detailed analyses of affordability and expenses, and to provide more comprehensive credit scoring by using the most up-to-date information available.
By using a combined data approach, consumers will have improved ability to demonstrate creditworthiness by taking into account information that’s not considered in the present system.
This approach enables a more inclusive financial system for those with “thin” credit records, allowing them greater access to financial services in a time of considerable financial uncertainty.
Equifax will now be at the forefront of Smart Data trends, such as the transition from Open Banking to Open Finance, to incorporate data on additional financial services, including insurance policies, pensions, and mortgages.
The Financial Conduct Authority (FCA) of the UK has approved the acquisition.
FactSet Research has data indicating that 21 brokerages have issued ratings for the stock. 1 brokerage recommends that the stock is overweight, while 0 analysts recommend the stock as a sell. 11 analysts rate the stock as a buy, while 8 advised investors to hold their stakes. The consensus recommendation remains Overweight.