MUMBAI, March 30, 2020 /PRNewswire/ — Equifax is continuing to closely monitor the rapidly evolving COVID-19 (Coronavirus) situation and its significant financial impact on consumers and businesses around the globe. All businesses – particularly small and medium-sized businesses – are experiencing unprecedented disruption to supply and demand. As a result, the US and global economies face significant economic contraction and a rapid increase in unemployment. As a leader in credit reporting, Equifax and its affiliates support millions of consumers and thousands of businesses across 24 countries. With this global perspective, the company sees and hears the hardships that people are experiencing every day. That’s why Equifax is actively working with creditors and lenders to minimize the effects this virus may have on consumers’ credit standing.
“These are uncharted waters for everyone around the world,” said Mark W. Begor, Equifax CEO. “That means every part of society – individuals as well as the public and private sector – needs to work together on creative solutions that ease the financial burden caused by this pandemic. While we are taking several steps today, we are also bringing our technology and data resources to bear as we explore additional solutions that could help consumers and businesses manage the impact of the Coronavirus crisis on their credit reports.”
The company is working with policy makers around the globe, including the US Congress and the Consumer Financial Protection Bureau (CFPB), to implement actions that support consumers and businesses during this challenging crisis. In the US, Equifax is working with the Consumer Data Industry Association (CDIA) to mitigate the negative impact of the pandemic on consumers’ credit files. The CDIA is providing important information to creditors and lenders regarding how they should report information during a natural disaster or for accounts placed in forbearance as a result of a natural or declared disaster.
“To help our Indian customers best manage the rapidly changing risk landscape, Equifax in India will be rolling out COVID-19 focused trends and insights for the Microfinance industry,” said K. M. Nanaiah, Managing Director, Equifax Credit Information Services Pvt. Ltd. and Country Leader, Equifax India and MEA. “These insights will overlay data on COVID-19 spread by states with the underlying trends for the MFI sector. This will help them understand the early warning signals on portfolios and take necessary steps as needed.”
Consumers and businesses who are, or may be, impacted by COVID-19 are encouraged to contact their lenders and creditors directly to discuss their options. Equifax is engaged with many lenders, telecom and utility providers who are offering a variety of options to help people through forbearance and modified payment plans.
Additional support is available for consumers looking to minimize potential negative impacts of the pandemic on their credit through the company’s website. There, people can take advantage of the ongoing educational support Equifax provides about how credit reports and scores work.
Equifax is following guidance from the World Health Organization, the Centers for Disease Control and local authorities to manage during this crisis. The company has activated its business continuity plans to ensure continuous operations for global customers and consumers. In the meantime, more than 11,000 Equifax employees around the globe are focused on continuing to serve consumers and customers.
Equifax will continue playing its essential role in the global economy by providing stability and support for consumers and businesses during these extraordinary economic challenges.
