Through the agreement between Equifax and CBA, mission-focused non-profits will be able to report loan data directly to Equifax, expanding its database to include financial information that would help consumers with thin or no files build credit.

"Equifax is dedicated to empowering consumers to be their financial best – and we put that saying to practice in every aspect of our business where possible," said Michael Gardner, Senior Vice President, Equifax.  "We support CBA's views that good credit is essential to achieving fiscal health and stability, and have also pledged to fund a pilot program that will help credential 170 non-profits to report data to Equifax.  By further enabling verified non-profits, we are expanding access to credit for those that may have previously been categorized as credit invisible."

"Lacking a credit report (termed a 'credit invisible') can impact these consumers' opportunities for gaining employment and qualifying for loans, often resulting in higher deposits for services such as cell phones and utilities. Quite simply, credit invisibility means fewer economic opportunities for these consumers, when, in fact, low- and moderate-income families need more financial options – not less," said Dara Duguay, Executive Director, CBA.