TORONTO, ON (May 2, 2022) – Equifax Canada officially launched the final stage of its cloud transformation with the migration of key partner Borrowell Inc.’s products and services to the new Equifax Cloud™. The result of Equifax, Inc.’s $1.5 billion technology and security transformation, the Equifax Cloud is a world-class enterprise-wide infrastructure tailored to highly regulated data workloads.
Borrowell, the country’s leading financial marketplace and credit education company, is one of Equifax Canada’s largest data contributors and partners. To date on the Equifax Cloud, Equifax has processed more than 9 million transactions that enable delivery of free Equifax credit scores to Borrowell’s more than 2 million members. With the power of the Equifax Cloud, Canadian consumers subscribing to Borrowell’s services will receive scores that reflect the most up-to-date and comprehensive information available, helping them reach their financial goals and live their financial best.
“Borrowell provides access to credit education, innovative digital tools and personalized experiences designed to help all Canadians feel in control and optimistic about their future,” said Andrew Graham, Borrowell co-founder and CEO. “While there are many benefits to being on the cloud, we're most excited about the new products and features this technology will enable us to provide to our members."
The Equifax Cloud is built using cutting-edge cloud technology to strengthen performance, security and speed of innovation. The new Equifax data fabric will help customers make smarter decisions in real time by enabling more nimble analytics and insights. The Equifax Cloud is designed to ingest and analyze data at scale, with an enhanced ability to convert streaming data into actionable insights, all in accordance with strict governance and security standards. Further, advanced keying and linking capabilities will allow creditors to access a variety of datasets in real-time, dramatically decreasing the wait time for consumer approvals and removing friction from the lending process.
“We are a New Equifax — enabled by the Equifax Cloud to drive new innovation and solutions that can help consumers live their financial best,” said Sue Hutchison, Equifax Canada President. “Our work with Borrowell has been a true partnership, with a shared goal of leveraging Equifax cloud capabilities and data fabric to deliver new products - with assets from multiple data sources — to Borrowell customers in ways that we could only imagine before.”
Migration to the Equifax Cloud has provided Borrowell members with faster, even more efficient experiences when applying for credit. Borrowell transactions are processed lightning fast in milliseconds via the cloud-enabled Equifax data fabric for secure, real-time access to information critical to credit decisioning. By accessing more data points and with advanced keying and linking, search matching has also been increased by 50 basis points, meaning 5 million more Canadian credit applications will receive a consumer's credit file.
Equifax, Inc. expects to substantially complete North American cloud migrations in 2022. For more information on the Equifax Cloud, please visit: www.consumer.equifax.ca/business/equifax-cloud/