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 it is launching an ambitious communications campaign, as well as working with major lenders, to ensure that consumers are aware of this unique service whenever they are considering applying for credit, or simply want to know what credit information is held about them.
MyEquifax has been designed specifically for the UK market, utilising more than 4 years experience of delivering this type of service in the United States and Canada. And Equifax believes it will make a significant difference to UK consumers and lenders, providing greater levels of consumer empowerment than ever before. A recent survey* of credit file enquirers, conducted by Equifax, indicated that over 50% said that they needed information about their credit file the same day and over 75% said they would like to receive a copy of their credit file on-line in real-time. MyEquifax addresses these needs.
“MyEquifax is a significant step in helping consumers to understand the information used by lenders when assessing credit applications”, confirmed Michael Shannon, Managing Director, Equifax Plc. “This is particularly important as recent research by us has revealed that 50 percent of credit file requests 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. Consumer concerns about identity fraud can also be addressed by MyEquifax.
“At the heart of MyEquifax is the utmost importance we place on data accuracy and consumer privacy. By providing consumers with direct, instant and easy to understand access to their own consumer credit file, we are ensuring that the data used by most of the UK’s lenders everyday is accurate and fair.
“We also believe that MyEquifax will provide an invaluable tool in assisting the customer service processes of UK lenders. Consumers who do not immediately meet an organisation’s lending criteria can be directed to MyEquifax to instantly understand and check the core data being used in the application process. We will be providing lenders with consumer information leaflets and point of sale material as well as links from their own web sites to www.myequifax.co.uk to facilitate this customer service advantage.”
The Equifax Credit ReportTM
The first product available from MyEquifax is the Equifax Credit ReportTM, bringing consumers unrivalled access to essential information. Using the latest in secure Internet technology MyEquifax offers individuals immediate online access to their credit profile, for just £8.25.
