Equifax gains full FCA authorisation
Equifax, a leading credit reference agency and consumer and business insights expert, has been granted full Financial Conduct Authority (FCA) authorisation with effect from Wednesday 1 March 2017. The FCA approval comes at a pivotal time for credit reference agencies (CRAs), with technological advances and shifts in customer behaviour fuelling important developments in data sharing, evidenced by industry initiatives such as Commercial Credit Data Sharing (CCDS) and the Open Banking Standard.
Patricio Remon, President for Europe at Equifax, said: “Achieving full FCA authorisation is an important milestone for our UK business. It recognises our commitment to upholding the highest regulatory standards, ensuring fair treatment for consumers, and safekeeping the information entrusted to us.
“We are entering a new world where the availability of data from a broader range of sources will help build a more precise analysis of financial wellbeing of consumers and businesses. These advances not only allow CRAs to carefully assess affordability and credit risk, but also to tackle fraud risk.
“New data sharing initiatives such as CCDS and Open Banking provide a unique opportunity that will help businesses and consumers better manage their finances and access the right financial products for their needs. They also help drive competition and increase innovation and transparency across the market.
“Equifax is an exceptionally strong business, well recognised in the UK & Ireland for helping organisations make better decisions and improve profitability, as well as empowering consumers to manage their finances. Advances in data sharing are another step forward in helping consumers and businesses reach such goals.”
Globally, Equifax organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses.
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Equifax, Inc. ("Equifax") powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyses data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015). For more information, visit www.equifax.com
Equifax Limited is one of the Equifax group companies based in the UK.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.