Equifax and National Consumer Telecom & Utilities Exchange Extend Agreement Through 2015
ATLANTA.- Equifax (NYSE: EFX) and The National Consumer Telecom & Utilities Exchange, Inc. (NCTUE) announced today that the NCTUE has extended Equifax’s exclusive contract to manage its database until June 10, 2015. Through this relationship, telecommunications, cable and utility companies gain access to consumer payment performance data to identify higher-risk accounts and reduce write-offs, even when traditional credit risk data on consumers is unavailable.
“Our members rely on the NCTUE to provide them with data and analytics to support their risk management processes and capture emerging opportunities with today’s underbanked market,” said Nasser Akari, president of the NCTUE Board. “Our continued relationship represents a significant step toward addressing our membership’s needs and we look forward to working with Equifax to deliver a unique ‘win-win’ solution for the industry.”
A member-owned database housed and managed by Equifax, the NCTUE includes consumer default account and contact information from companies that provide cable, electricity/power, phone, gas, water and Internet services. From new account openings to pre-collections activity, the NCTUE leverages its extensive database to help members manage risk across the entire customer lifecycle. The database searches for matches between new residential service applicant information and data from NCTUE members on unpaid, closed or fraudulent accounts.
Enhancements to the exchange database will now capture payment history similar to what happens today in Equifax’s consumer reporting file, making it the logical alternative for those members not comfortable with full file reporting. This represents a significant step forward to capturing widespread payment performance data on the unbanked and underbanked market.
“Unique data sources and advanced analytics are a powerful combination for businesses in the telecommunications, cable and utility industries looking for better ways to manage risk and expand their customer reach,” said Dann Adams, president, US Consumer Information Solutions, Equifax. “Through our relationship with the NCTUE, Equifax is bringing this combination of data, matching technology and analytics to help these businesses maximize their customer relationships.”
In addition to unique data sources, NCTUE members also can take advantage of other benefits including scoring and analytics to assess deposits and identify higher-risk consumer applicants.
Equifax, a leading developer and manager of industry-based exchanges, helped create the NCTUE database in 1997, when the organization was first founded. Today, the NCTUE is a 30 million+ record database.
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