Monitor current accounts for changes in employment

December 11, 2020

This use case, helps support managing portfolio risk by monitoring current accounts for changes in employment

Situation: Company turns to Equifax to help it manage portfolio risk by spotting changes in the employment status of current account holders.

Challenge

A company wants to manage the risk associated with current customers by monitoring for changes in employment.

The company wants to spot account holders whose incomes may be reduced and who may be at risk of non-payment and need assistance.

Solution

Equifax provides monthly updated credit attributes including verified employment and income data for the firm’s customers. 

By leveraging credit, employment, and income criteria, the bank can:

  • Get an early warning alert indicating a change in customers’ employment status or rate of pay

  • Identify at-risk customers and offer options, such as deferred payment plans, or waived late fees

Outcome

By incorporating employment metrics to all its accounts, the company is able to:

Results may vary based on actual data and situation.

  • Proactively stop problems before they occur 

  • Help its customers by offering assistance programs 

  • Better manage overall credit portfolio performance

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