Equifax UK has launched a new digital customer onboarding journey to help certain utility and telecoms providers automate customer eligibility assessments for social tariff discounts, making it simpler and easier for consumers to apply, and helping them access discounts and special pricing plans available for households facing financial hardship.

The award-winning solution, Tariff Connect, uses a digital application form and Open Banking technology to assess eligibility automatically, eliminating the need for manual documentation and cutting down the current timeline from weeks to minutes. It also allows firms to continue to check eligibility at regular periods so they can understand changes in consumer circumstances and continue to support financially vulnerable consumers.

The launch comes as consumers continue to feel affordability pressures from the cost of living and with both policymakers and regulators emphasising the importance of supporting consumers in financial difficulty. The latest Financial Health Report 1 from Equifax reports the stabilising macroeconomic situation has meant some consumers are more able to afford their bills and credit repayments, but those in lower income brackets are still struggling with key costs like energy that remain significantly higher than three years ago.

According to Ofcom 2 , around 9.3m UK households find it difficult to afford communication services. Meanwhile, the latest Financial Lives 3 survey revealed 14% felt heavily burdened by their domestic bills and credit commitments and 14.6m were not coping, or finding it difficult to cope, financially.

The new solution from Equifax could help firms improve operational efficiency; support their regulatory obligations to assist consumers through cost-of-living pressures; and proactively offer discounts and forbearance options for consumers struggling financially at scale - all through an improved, digital consumers experience.

Craig Tebbutt, Chief Strategy and Innovation Officer at Equifax UK, said: “The economic backdrop may have improved but beneath the surface cost of living pressures remain high and domestic bills will be a particular concern for many. With nearly 6.4 million people in the UK relying on Universal Credit 4 , the need for accessible social tariffs is greater than ever. Customers currently have to fill in paperwork and send postal evidence to prove their eligibility for bill discounts and payment holidays, which can be both confusing and time-consuming.

“The launch of Tariff Connect simplifies access to social tariff rates for those facing financial difficulty and reflects our commitment to leveraging technology to drive positive social impact. This seamless digital journey provides a fast and efficient way for people to unlock the fairer, inclusive tariffs they need to live their financial best.”

Equifax UK won 'Best Sector Initiative' for Tariff Connect at the Open Banking Expo Awards 2024.

-ENDS-

1-Equifax Financial Health Report 2024 – Making ends meet: who is paying the price?

2-Ofcom Communications Affordability Tracker, Feb 2024

3-FCA Financial Lives cost of living (Jan 2024) recontact survey

4-DWP Universal Credit statistics, 29 April 2013 to 11 January 2024

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. Equifax Ltd is one of the Equifax group companies based in the UK.

Equifax Ltd is authorised and regulated by the Financial Conduct Authority. For more information, visit equifax.co.uk and follow the company’s news on LinkedIn.