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Financial Vulnerability Indicators

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

Embed Open Banking at the beginning of the customer journey 
This could not only help you identify vulnerability, it can also be used to more accurately assess affordability, verify ID and improve income verification.
Access your customers’ account(s) through Open Banking
Invite your customer to share their current account data via open banking methods, they can choose their bank and authenticate using their mobile banking app.
Categorise data to spot vulnerabilities 

Using over 2,500 income¹ and expenditure characteristics, we summarise transaction data with 98% accuracy¹, based on the FCA’s definition of vulnerability.

Key customer insights outputs 
We share a range of usable insights to enable you to better support your customers; financial resilience, life events, changes in circumstances, problem gambling.
Insights to make more informed decisions
You receive notifications when your customers have completed their open banking journey. Insights are shared with you in one of two ways: Single API endpoint or Intuitive dashboard with insights delivered in seconds.
Helping your business, to help your customers 
Our solution enables you to spot and assess more high risk customers and reduce default levels. This early identification in existing customers, helps you provide appropriate support such as sustainable and affordable repayment solutions.
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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Key Benefits

Proactive support for customers
Reach out and provide personal customer support; help foster a better relationship.
Risk Mitigation
Proactively manage risk by understanding your customers financial health.
Enhance Regulatory Compliance
Being compliant is beneficial for everyone; deliver fair treatment to your customer.
Reduce defaults from your customers
Whether they are new or existing, use Open Banking to provide support when needed.
Effective case handling of debt
Help them, help you. Use insights to discuss affordable, sustainable repayment plans.
Identify Changes in Circumstances
Identify changes in a customer’s financial circumstances through recurring consent.

Related Resources

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Market Pulse: Cost of living, its impact and outlook - the economy, debt and financial vulnerability
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Market Pulse: Cost of living deep dive, a look at consumer spending, preferences and behaviours
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Market Pulse: Consumer financial health amidst rising living costs, analysing the data behind the current headlines
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Market Pulse: How is the cost of living crisis influencing consumer behaviour?
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Connect with our sales team and discover how this product can meet your business needs.

The personal data that you provide via this form will be processed in order to deal with your enquiry and for marketing purposes unless you have opted-out of receiving marketing communications. As a result of this processing, your personal data may be transferred to countries outside of the UK and European Economic Area (EEA). Please see the Equifax Credit Reference and Related Services Privacy Notice for more information about how we will process your personal data.

To access your Personal Credit Report, visit https://www.equifax.co.uk

To query your Personal Credit Report or get help, visit https://help.equifax.co.uk/EquifaxOnlineHelp/s/

To access your business credit report, download our Business Report form and return your completed form to us via post or email using the information provided on the form.

Send an email to our customer service team via hello@equifax.com and we'll get in touch with you directly.

Contact Us

Get in touch to see how our vulnerability assessment tools can help you identify and support vulnerable customers. 
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Need More Information 

Download our vulnerability insights brochure and see how we can help you identify and serve vulnerable customers.
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