ATLANTA, March 13, 2002 — Equifax Inc. and the National Consumer Telecom & and Utility Exchange (NCTUE) have announced the signing of a five-year contract for Equifax to house and manage a major risk management data exchange for the communications and utility industries.
NCTUE will house consumer payment data from the wireless, landline, cable, satellite, gas, electric and water utility companies. For Equifax, the contract is expected to generate approximately $20 million in revenue during the next five years.
NCTUE is a new national-comprehensive database-matching service created to assist communication and utility service providers and marketers in the recovery of unpaid account balances and detection of application fraud. The data will allow for early, point-of-sale, identification of high-risk accounts among new service applications and objective risk assessment information for setting deposits.
NCTUE will also assist member companies in locating consumer “skip” accounts by comparing current customer contact information with past-due and unpaid final bill data contributed by NCTUE member companies, allowing increased revenue recovery.
“Exchange management is a core competency for Equifax and this new agreement validates the unique value we continue to provide to our exchange customers,” said Tom Chapman, chairman and CEO.
“Equifax has the latest technology and data warehousing strategies, and our full confidence,” said Alice Haslam, executive director, NCTUE, its predecessor organization NCTDE, and one other exchange, NTDE. “We have been very pleased with the support and innovative options and reports that Equifax has provided with our other exchanges and we have great expectations for this endeavor.”
“As electricity deregulation unfolds and other utilities explore deregulation, the NCTUE and its matching tools will add tremendous value as customers begin to switch providers,” said Margie Daniels, Manager of Credit and Collections, MCI and president of the NCTUE. “We have witnessed the increased costs associated with skyrocketing write-offs in other deregulated industries and we will be seeking tools similar to the Equifax Exchange to help us reduce exposure to write-offs.”
In addition to risk assessment and skip tracing tools, member companies are offered the opportunity to participate in regional meetings and conferences that include peer networking and discussions on legal, regulatory and industry concerns.
Equifax, an S&P 500 company, enables and secures global commerce through its information management, consumer credit, marketing services, business information, authentication and e-commerce businesses. Equifax works in financial services, retail, healthcare, telecommunications/utilities, information technology, brokerage, insurance and business lending industries and government.