Consumer-permissioned banking information from Envestnet/Yodlee will be added to existing Equifax data assets in a partnership designed to extend leadership into the alternative data market space.
Here is an excerpt from a report in Seeking Alpha:
Equifax (NYSE:EFX) and Envestnet | Yodlee (NYSE:ENV) form a partnership that will enable individuals to share real-time bank account information such as balances, deposits, and withdrawals to create a more complete personal financial picture.
Access to consumer-permissioned banking information from Envestnet | Yodlee further expands Equifax alternative data assets and helps people to enhance their credit data as they establish themselves as candidates for loans and other services, the companies said.
“The purpose of alternative data is to provide richer context on creditworthy applicants who are currently credit invisible, who have thin credit files or who may have had poor credit in the past,” said Sid Singh, president of Equifax’s United States Information Solutions unit.