Leading consumer credit information and analytics expert, Equifax, has launched the Equifax Financial Stability Exchange to provide all sectors of the consumer credit marketplace with the ability to share declared and verified income data. Analysis has proved that verification of income has the potential to improve credit risk performance by up to 5 times. Equifax, therefore, believes its new data sharing initiative will play a vital role in enabling organisations extending credit terms to consumers – from credit card and motor finance providers and mortgage lenders to telecommunications, utilities and insurance companies – to reduce bad debt risk. As Laurence Hamilton, Marketing & Performance Director, Equifax explains, this correlation should be a compelling incentive for income data sharing: “Through the Equifax Financial Stability Exchange we are facilitating the most efficient and effective sharing of income data. This will give consumer financial services and credit providers the ability to verify, instantly and reliably, information provided on an application form. Indeed, the significant improvement in performance that can potentially be achieved through the use of income data goes to the heart of reducing bad debt risk and ensuring affordability, which is such a focus for the consumer credit sector at the moment.”....Read more here: CCR Magazine - Equifax Works With Consumer Lenders To Share Income Data