The latest addition to credit reporting agency Equifax’s expansive partner ecosystem is LA’s Zest AI. The company hopes to create a more equitable financial system with its AI-powered credit model management solution.
Founded in 2009, Zest AI works to help credit lenders make better loans and improve underwriting. The Los Angeles-based platform provides credit unions and lenders with AI underwriting models tailored to the communities they serve. Its platform offers solutions to help lenders increase their revenue, reduce risk and automate compliance.
Users can quickly analyze hundreds of data points as well as monitor shifts in market conditions using Zest AI’s software. These capabilities help credit unions and lenders make better-informed lending decisions and respond immediately to their community members during economic fluctuations. Zest AI’s latest development with Equifax marks its first major distribution partnership with a national consumer reporting agency.
Headquartered in Atlanta, Equifax provides lenders with a consumer’s credit score — a number determined by information Equifax gathers on that consumer’s credit habits. As it joins forces with Zest AI, credit unions using the platform’s underwriting solution will also be able to consider Equifax’s data to approve more loan applicants faster, particularly applicants who have been traditionally underbanked.
“As credit unions strive to be even more responsive to their members, Equifax and Zest AI’s partnership gives them the ability to automate more inclusive lending outcomes and expand credit access, so that they can continue community-focused services their members expect,” Jose Valentin, SVP of partnerships for Zest AI, said in a statement. “Credit unions are leading the charge among financial institutions to further financial inclusion and bring greater transparency and innovation to lending. Zest AI is excited to partner with Equifax to help them do just that.”