Product

Financial Vulnerability Indicators

Vulnerability assessment tools to help you support and assess those in need

Product Overview

In the current economic environment, with increased costs of living, it's more important than ever to identify and support consumers who are vulnerable or in financial difficulty. The FCA reports that 47% of all UK adults could have 1 or more characteristic of vulnerability,¹ and with the help of Equifax's vulnerability assessment capabilities you can identify and support these customers quickly and compliantly.

¹FCA Financial Lives 2022 Survey

Balancing Vulnerable Assessment Tools with Compliance

Open banking APIs unveil financial vulnerability clues in customer data. Our solution scans transaction histories, pinpointing key indicators aligned with FCA guidelines. This real-time analysis empowers businesses to identify at-risk clients, both new and existing. Armed with these insights, companies can initiate targeted conversations, confirming vulnerability status and then taking appropriate steps.

Identify and Support Vulnerable Customers

¹Transaction Vulnerability Indicators product sheet, Equifax, 2023

Using Transaction Data to Identify Vulnerability

Open banking provides the most up-to-date and granular information available about your customer and offers key characteristics which identify vulnerability, which may not be visible in other data sources including a credit file, such as: Financial Resilience, Life Events, Changes in Circumstances, Problem Gambling.

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