Equifax has just announced an exclusive partnership with Cox Communications, the nation’s third largest cable provider. Cox cable TV and internet customers will have their Equifax credit data reviewed during the application process to help determine their qualification.
For Cox Communications, Equifax will apply a customized risk model developed for the telecommunications/ cable industries that predicts the likelihood of an applicant or established customer becoming a serious credit risk. It enables customer service/sales representatives to qualify applications quickly and confidently, with fewer exceptions needing judgmental evaluation, and reduces time, effort and costs associated with processing, managing, collecting and writing off high-risk accounts.
New customers who have negative records on their Equifax credit reports may have to pay a security deposit in order to obtain service or could even be turned down entirely. Luckily, since you know that Cox will only check your Equifax credit report, you can review it on your own before an application to see where you stand. The 6.3 million existing Cox customers may also want check their Equifax credit data. Many companies use credit data to occasionally review existing customers and make account adjustments.
Of course, the use of credit data by cable companies is nothing new. Credit data is now being used to review applications for cell phones, electricity, natural gas, jobs, apartments, insurance and even gym memberships. Share your credit experiences and feedback in the comments section below.