Cignifi and Equifax Partner Will Bring Credit Scores to Unbanked in Latin America

Cignifi and Equifax Partner Will Bring Credit Scores to Unbanked in Latin America

March 30, 2016         Written By Lynn Oldshue

Today, Cignifi and Equifax announced a multi-year partnership that will help Latin American consumers without a credit history obtain a credit score. The agreement will use Cignifi’s analytics and technology to assess creditworthiness and risk.

“We are excited to deploy our platform to help Equifax enhance their credit scoring capabilities in Latin America,” said Jonathan Hakim, CEO and founder of Cignifi. “This partnership seals a period of high growth for our company and validates our proprietary behavioral scoring technology, while helping to add a new pool of viable customers to the consumer credit market in the region.”

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Equifax will be able to provide risk scores for consumers without a formal credit history using Cignifi’s technology and its own Predictor Inclusion Score. Consumers who opt in will allow Equifax to track their mobile phone usage data to obtain a score.

“Our expertise in bringing innovative products to the marketplace combined with Cignifi’s advanced analytical platform makes for a powerful new solution,” said Chris Jones, President of Latin America, Equifax. “We are optimistic that the Predictor Inclusion Score will have a significant impact on financial inclusion in the region – helping to expand access to credit for those consumers who previously had limited interaction with banks or financial institutions. This is a score that will help our clients say ‘yes’ more often to applications for credit, and we’re proud to deliver it in a way that respects consumers and allows us to continue to serve as a trusted steward of their data.”

The scoring system will be available online via an application program interface (API) and will allow banks, retailers and insurers to underwrite credit, which marks a step forward for financial inclusion in Latin America.

The Predictor Inclusion Score will be available this spring.

The information contained within this article was accurate as of March 30, 2016. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.