Though Equifax Inc. focuses on its primary customers-banks and retailers-consumers are taking up more of its time and resources.
Equifax sends out about 15,000 credit reports daily to consumers, 10,000 more than a year ago. Also, the number of consumers who call Equifax rose 36% last year.
Growing demand from consumers has put a burden on the company's call center, and Equifax is considering installing an automated voice mail system for callers and their grievances. The option of speaking directly to a representative would always be available, company executives said, but the demand for staff might be eased.
Equifax attributes the increase in call volume in part to its own robust sales. As lenders' demand for Equifax credit reports increases, more questions come in from consumers.
Equifax has 600 customer service representatives. Of those, 250 handle consumer calls, which numbered about 12 million last year, and the rest handle other types of service.
The flurry of consumer calls "doesn't mean that 36% more people are disputing their reports," said John Ford, vice president of privacy and external affairs. Out of 250 million credit reports Equifax sells in a year, 1% result in a call to the customer service center. Seven out of 10 calls are simply questions about the reports; 30% are disputes.
Equifax is required to resolve disputes within 30 days, but the average turnaround is closer to 15 days, said Peter A. Thayer, senior director of Equifax's office of consumer affairs. The company's goal is to reduce resolution time to five or six days.
Equifax sends out about 2,000 surveys a month to consumers who have requested credit reports. The questionnaires probe how consumers' experiences with Equifax compare to ones with competitors Trans Union and Experian.
Employees hired by the customer service department must have unblemished credit histories. Because they have access to credit files, there could be a "temptation to change their own file," said Mr. Thayer. That would be a federal crime.
Some customer service representives are given special training to handle particularly difficult complaints-like those from lawyers, government officials, celebrities, and people who complain directly to Equifax chief executive officer Thomas F. Chapman. The handling of those calls is expedited, and in some cases Equifax will immediately call the lender with whom the consumer has a dispute.
