Global: Equifax Australia and Mastercard Leverage Open Banking to Expand Credit Access

Equifax Australia, in collaboration with Mastercard, has introduced a new credit assessment tool—Equifax Open Score—designed to enhance financial inclusion by leveraging open banking capabilities.

Powered by Mastercard’s global Open Finance network, Equifax Open Score accesses consumer-consented bank transaction data through Australia’s Consumer Data Right (CDR) framework. This real-time data—comprising income, expenses, and spending behaviour—is analysed to generate a financial wellness score ranging from zero to 10.

The solution aims to address the needs of an estimated 2.5 million Australians with little or no credit history, including young adults, new immigrants, and individuals re-entering the credit market—groups often underserved by conventional credit models.

Melanie Cochrane, CEO of Equifax Australia and New Zealand, emphasized the impact of alternative data in reshaping credit access:

“By tapping into alternative data like income, expenses or rental payments, Open Score can uncover insights into consumers that aren’t available with traditional credit reporting information,” she said.
“These insights will assist all Australians, but will be especially powerful for consumers who have traditionally been credit invisible.”

The launch represents a significant step toward inclusive lending, empowering financial institutions to make more informed decisions and helping consumers gain fairer access to essential financial services.