Press Release
EQUIFAX UK SIGNS AGREEMENT WITH MOODY'S ECONOMY.COM TO GIVE LENDERS GREATER ECONOMIC INSIGHT
CreditForecast.co.uk set to help consumer credit providers manage credit strategies
London, 12th March 2008 - Major UK consumer credit information and risk management services provider, Equifax, has signed an agreement with the UK arm of Moody's Economy.com, the leading independent economic, financial, country and industry research company. The new joint service, CreditForecast.co.uk, will provide in-depth forecasts and analysis for the UK consumer credit market that will help improve lenders' risk management and strategic planning.
Based on aggregated data from Equifax's Insight Payment Performance* database, CreditForecast's analysis and forecasts will provide an industry wide view into the performance of mortgages, credit cards, personal loans, telecommunications, and mail order.
CreditForecast.co.uk will enable lenders to benchmark their portfolio's performance against that of the entire UK consumer credit market. It will also enable consumer credit providers to improve the predictive ability of their customer-level scoring, taking account of forward-looking economic data. The accuracy of profit & loss forecasting will also be addressed by CreditForecast.co.uk by creating P&L models in which roll rates are a function of economic and credit variables, thereby taking account of the health of the job market and the broader economy.
Equifax Inc and Moody's Economy.com have successfully been working together in the United States for over four years. The agreement between the UK arms of both businesses will capitalise on the successful CreditForecast.com service already operating there.
"This agreement with Moody's Economy.com is enormously exciting for Equifax and for our UK customers", confirmed Sandra Lawrence, General Manager, Equifax Plc. "Clearly there is already a wealth of economic data at a macro level, but the real advantage of our two organisations working together is the bringing in of our micro-level credit payment performance information. The combination will give consumer credit providers, who are currently facing some very challenging conditions, a much greater insight for their on-going risk management and long-term strategic development."
"We're pleased to be strengthening our relationship with Equifax. CreditForecast.co.uk will significantly increase the value we offer to lenders who are trying to better manage their portfolio's risk for Basel II and other purposes and improving economic return.", commented David Pogemiller, Chief Operating Officer at Moody's Economy.com.
"Moody's Economy.com will be providing detailed forecasts and extensive analysis of changing UK consumer credit conditions, enabling CreditForecast.co.uk to provide in-depth insight into how credit conditions could change in a stressed economic environment such as housing market crashes or financial market distress."
CreditForecast.co.uk is scheduled for launch in Spring 2008.
*CreditForecast.co.uk will only be accessible to those organisations that are full members of the Equifax Insight Closed User Group, in accordance with SCOR rules.
About Equifax
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, employment and income verification and human resources business process outsourcing services, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses - large and small - rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, HR/payroll services, and much more. We empower individual consumers to manage their personal credit information, protect their identity and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 14 countries throughout North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
www.equifax.com
About Moody's Economy.com
Moody's Economy.com, a division of Moody's Analytics, is a leading independent provider of economic, financial, country, and industry research designed to meet the diverse planning and information needs of businesses, governments, and professional investors worldwide. Our research has many dimensions: country analysis; financial markets; industrial markets; and regional markets. Moody's Economy.com information and services are used in a variety of ways, including strategic planning; product and sales forecasting; risk and sensitivity management; and as investment research.
We have over 500 clients worldwide, including the largest commercial and investment banks; insurance companies; financial services firms; mutual funds; governments at all levels; manufacturers; utilities; and industrial and technology clients.
Moody's Economy.com is headquartered in West Chester, Pennsylvania, a suburb of Philadelphia. We also maintain offices in London, England and Sydney, Australia.
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