Breaking-Finance.Com - Equifax has acquired long-term Open Banking partner AccountScore, in a deal that will see the combination of traditional credit bureau information held by Equifax with bank transaction data. The acquisition positions Equifax at the forefront in the transition of Open Banking to Open Finance and the extension of consumer financial data to additional products such as insurance policies, pensions and mortgages.Equifax says the integration of the two firms will enable clients to to carry out more granular assessments of affordability and expenditure and improve an individual’s ability to demonstrate their creditworthiness by enabling information that isn’t currently used to be taken into consideration.

. We have seen lenders power improved credit decisions and account management processes using Open Banking to ultimately better service their customers.”Financial terms were not disclosed.

Source = Breaking-Finance.Com

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