Benefits of Equifax ePort
Equifax ePort offers solutions and tools that helps businesses increase their productivity and bottom-line results.
For example, whenever you apply for a loan or credit of any kind, a lender would need information on your credit history and your credit behavior. They approach the credit bureaus for information on your credit score and credit history. Data regarding your credit behaviour—whether you are likely to pay back a loan or other credit product—is of paramount importance to lenders, as it helps them make an informed decision when evaluating your credit application. This information is provided to the members by the Equifax ePORT gateway, a business-to-business portal that helps lenders manage risk and access the information that they need to make an informed decision on lending.
Why is credit information important to lenders?
Overdue payments, defaults, delinquencies, bankruptcy, bounced cheques etc., can cause banks and non-banking financial companies losses on a huge scale if it takes place frequently. Very few lenders would want to risk lending to a customer without knowing his/her credit history. Hence, lenders rely on credit rating companies, like Equifax, CIBIL, Experian, etc., to provide them with an insight into the credit history of a potential customer. This would include information on whether the borrower has any credit history, his/her repayment behavior, age and number of credit accounts open, the status of the credit accounts, total credit limit, debt-to-credit ratio and his/her credit score. A lender most often picks those applicants who have a high credit score or strong credit history and are potentially low risk customers. The credit rating system helps banks and lenders weed out potentially risky customers and only lend to those who have a good credit history with consistent payment behavior.
Some of the salient features of Equifax ePORT:
Equifax ePORT is a business-to-business online portal that gives lenders access to information that they need to make an informed decision on lending and manage risk. It is an online gateway designed to provide end-to-end, user-friendly, flexible access to tools and credit-related solutions that helps companies increase their productivity. Some of the features of Equifax ePORT are as follows:
- It is a safe, secured and personalized web experience for every member.
- It is a hub for credit-related products and tools for all kinds of organizations – from small businesses, medium enterprises to global corporations.
- Its safety features include role and location-based security to control access to data.
- It is a storehouse and delivery instrument for all Equifax product-related information.
Why and for whom is Equifax ePORT necessary?
Businesses of all sizes can take advantage of the many facilities that being a member of ePORT offers. It helps companies balance risk and reward and enables them to make data-driven decisions. It helps them access accurate, up to date consumer credit information as well as a range of other products and tools that speed up the decisioning process.
It enables faster and easier access to product information and solutions, quicker response time to requests, better customer support and the ability to download data directly.
enefits of Equifax ePORT
There are multiple benefits to the Equifax ePORT. Some them include:
- Easy access to Basic Credit Information report / Enhanced credit information report: Credit histories and behavioral are recorded, analyzed, and presented in a highly readable format, with graphs, charts, etc., which makes it easier for lenders to analyze potential borrowers.
- Equifax ePORT acts as a one stop shop for a range of Equifax products and services and offers easy access.
- Equifax ePORT gateway provides access to ID Verification service which helps lenders in easy verification of their potential borrowers.
- Helps mitigate fraud through the use of secure, role and location-based security to control access to data.
- Individual User IDs are monitored, and sessions are automatically timed out after a certain length of inactivity to prevent fraud and hijacking of data.
- It enables direct data download thereby saving time
- It offers full scalability, meaning that as your business grows, so do the solutions offered.
- The web-based online portal provides round-the-clock accessibility to the tools required–whenever and wherever needed in a secure environment.
- Having member access to ePORT helps speed up response time to new customer inquiries, by enabling easy access to accurate updated, and real-time consumer data.
- It helps improve customer support metrics, thereby improve business.
Other Security Features and benefits of Equifax ePORT:
Member Company administrators can have access to the following tools:
- Consumer File Logs – Administrators can view users' credit report activity.
- Report Profile Logs – Administrators can examine changes made to Equifax product selections, including product additions, deletions, and changes.
- User Profile Logs – Administrators can analyze changes related to users' profiles
- Secure Token Logs – Administrators can assess each time a user downloads a new token. When a download happens, it is possible to view the IP address of the machine that was used to download the token along with the transaction date and time.
The Equifax ePORT gateway offers consumer and commercial driven solutions and products including risk analytics and scoring, ensuring regulatory compliance, fraud solutions, employment verification and other solutions.
How to access Equifax ePORT
In order to access ePORT, a valid Company ID / User ID and Password must be entered on the login page of the Equifax ePORT portal. Through this online gateway banks, non-banking financial companies and other institutions can access detailed credit data about potential borrowers amongst other tools and solutions.
How to become a member of Equifax ePORT
Access to the Equifax database is only possible once the company/lender has officially registered with Equifax as a member. Those registering online or offline will have to provide their company name, existing customer account number, security number, first name, last name and other credentials.
In order to become a member of Equifax ePORT, you can contact Equifax online through their website, send an email to Equifax Customer Support online, call the customer support at 1-800-209-3247 or mail an enquiry for more details to the Equifax India headquarters in Mumbai.