Equifax has extended its long-standing relationship with the National Consumer Telecom and Utilities Exchange, Inc.® (NCTUE®), an independent, non-profit, Fair Credit Reporting Act-compliant consumer credit reporting agency for the telecommunications, pay TV, internet, home security and utility industries.
Under the terms of the extended agreement, Equifax will continue its exclusive operation and management of the NCTUE database, and provide the organization with enhanced product innovation, advanced data security measures, and marketing support for new member recruitment. The extended service agreement is subject to the oversight of the NCTUE board of trustees.
"NCTUE has maintained a relationship with Equifax for nearly three decades – a partnership that has been in place since the launch of our database," said Brian Newcomb, President of the NCTUE Board of Trustees. "Together, we support more than 160 member companies, helping them to innovate with data and leverage payment history information to better identify and manage members' financial risk. Our collective efforts ultimately help establish creditworthiness and can enable better credit decisioning, especially for those consumers with limited traditional credit data."
Utility payment and account history are alternative data sources – information not included in traditional credit reports – that can help to provide a more complete picture of consumer credit history and enable lenders and service providers to access broader insights to better determine creditworthiness for credit-seeking consumers. As part of the extended agreement, Equifax will continue to deliver member-only NCTUE products and services, that layer telecommunications, pay TV, internet, home security and utility insights on top of traditional credit data and provide NCTUE members with an exclusive 360-degree financial view of consumers that can help maximize consumer approval rates, help identify potential risks, reduce manual intervention costs and improve customer experience.
"We highly value our 27-year partnership with NCTUE and appreciate their continued trust in Equifax as the stewards of their data exchange," said Todd Horvath, president of Equifax United States Information Solutions. "We are focused on creating innovative, member-only solutions to help solve fraud and deposit challenges, and to ultimately improve consumer experience – helping people live their financial best. Additionally, our continued partnership helps further enable the availability of expanded insights into consumer payment history alongside our traditional credit report. This is a significant benefit to both lenders and consumers seeking credit, particularly those consumers who are underbanked or seeking to establish a credit history."