Equifax has acquired transaction data analytics company AccountScore, in a bid to bolster its open banking and insights capabilities.
The acquisition will enable Equifax to combine the traditional credit bureau information it holds with bank transaction data facilitated by AccountScore.
The credit reference agency said the integration of these new data assets will enable Equifax clients to benefit from higher rates of automated, digital income verification, which itself will facilitate “more granular assessments of affordability and expenditure” and offer more predictive and inclusive credit scoring.
Equifax explained that this should also enable financial inclusion for those with “thin” credit files, increasing potential access to credit. The deal already has regulatory approval.
Patricio Remon, president of Europe at Equifax, said: “This is a really exciting development for Equifax and the acquisition of AccountScore, our long-term partner in open banking, is a natural next step as we continue to expand our data and analytics capabilities."
Emma Steeley, chief executive at AccountScore, said: “This acquisition allows AccountScore to accelerate its growth and reach new customers.
“Open banking is going from strength to strength, with the adoption in both the consumer and SME markets growing rapidly each month.”
AccountScore and Equifax hosted the Open Banking Conference during the Credit Festival. A case study from Freedom Finance and other sessions from the broadcast are available on demand.