www.myequifax.co.uk
Equifax first credit reference agency to offer Instant Online Access
to Credit Reports – Live on 19th September 2003
According to Equifax, a leading credit information provider, over 50 percent of credit file requests it received* were from individuals who had been refused credit. And nearly 40 percent of these believed that the information on their credit file was incorrect – before they had seen it. Being refused credit can leave individuals wondering why and wanting answers as soon as possible.
The Equifax research also showed that more than 75 percent of consumers would prefer to receive their information online instantly in real-time. Now that is possible with MyEquifax – www.myequifax.co.uk - which goes live on Friday 19th September 2003. MyEquifax enables individuals to view their credit file online instantly - there is no waiting for ID verification by post or having to sign up to other services to have access to their credit file. And all of this is available for just £8.25.
Instant Answers
The first product from MyEquifax, the Equifax Credit Report™, gives consumers the chance to view what the lender sees, enlightening and empowering individuals to manage their financial health.
“There is increasing government and market concern over consumers’ ability to manage their own financial health”, confirmed Michael Shannon, Managing Director, Equifax Plc.
“MyEquifax goes to the heart of this concern by providing consumers with instant online access to information that will help them understand their credit commitments in totality.
“For only £8.25 consumers gain instant access to their credit information and an invaluable insight into the credit granting process in a way that has never been possible before. MyEquifax also includes online facilities, which allow consumers to dispute any possible discrepancies in their credit file, quickly and easily .”
Easy to Understand
Approximately 32 percent of enquiries received by Equifax are looking for advice on their credit standing. MyEquifax addresses that need with expert support and advice, all in one place. In addition, the Equifax Credit Report™ provides a wealth of information to help individuals understand how the data in the credit file is used and what it means. This new instantly available format offers an enhanced, user-friendly version of the traditional Credit File, which is available through the post and takes up to seven working days to be delivered.
Safe, Secure Access
MyEquifax uses eIDVerifierTM, the leading edge in ID authentication technology, which is already used by Government for Internet certifications to ensure all its information is secure. Before individuals can access their credit information they will be asked a number of multiple choice questions designed to verify their identity. If the questions are answered incorrectly the applicant is directed to the Equifax Call Centre where further security checks will be made manually before the individual is given their personal password.
The Equifax Credit Report can be viewed on screen and is also available in a printable format. Once obtained, the full report is available to be reviewed online for 30 days in an encrypted form, preventing anyone from accessing another individual’s information.
“Through our commitment to the consumer, we have created an online report that is clear and easy to read” confirmed Michael Shannon. “And by including online facilities, consumers eager to clear up any discrepancies will be able to instantly log their request. By harnessing Internet technology that is safe and secure, MyEquifax is able to minimise any delays to consumers making a successful credit application.
“Anyone who has been refused credit will know that it can be an embarrassing and distressing event. With the Equifax Credit Report™, individuals will be able to get to the bottom of a refusal so much quicker, minimising any undue anxiety. Plus it provides an invaluable source of additional advice and information, helping individuals deal with their situation effectively.”
MyEquifax is being launched in the UK following successful launches in the United States and Canada in the last 4 years. More than 6 million people in North America have used the Equifax Personal Solutions services, giving them more control of their credit profile and more bargaining power when negotiating new credit deals. This is the first of a range of products due to be launched by MyEquifax and will be followed shortly by the launch of Equifax Credit Watch™, which will help consumers further protect themselves from ID theft and better manage their credit health.
ENDS
September 2003
