Credit reporting agency Equifax and Fair Isaac, which created and manages the FICO credit score, are announcing that they will partner to sell each other’s services to banks, according to the Wall Street Journal.
The two companies plan to eventually offer a complete system, according to a joint press release, that would allow financial services companies to manage and automate credit decisions, target consumers for offers, and reduce fraud.
The attempt is to offer banks more consumer data and deeper analysis. The institutions could see if there were additional people with thin or marginal credit who might be worth the risk of making a loan or issuing a credit card.
