This use case showcases how companies can turn to Equifax to help manage portfolio risk by spotting changes in the employment status of current account holders.
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.
Equifax provides monthly updated credit attributed 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
By applying Customer Portfolio Review with employment data to all its accounts, the company is able to:
- Proactively stop problems before they occur
- Help its customers by offering assistance programs
- Better manage overall credit portfolio performance
For more information about Customer Portfolio Review, visit our website.
Results may vary based on actual data and situation.