According to FF News, the goal of this new solution, Tariff Connect, is to make the application process easier for consumers and give homes in financial difficulties faster access to discounts and special pricing.

Tariff Connect was introduced in response to the mounting demands on affordability that rising living expenses are putting on many households in the UK.

Supporting customers who are financially fragile has become a greater priority for regulators and lawmakers alike, underscoring the necessity of expedited procedures that enable those who are struggling to obtain vital cost-of-living aid.

Although macroeconomic circumstances may be stabilizing, according to Equifax UK's Financial Health Report, many low-income households are still having difficulty paying for necessities, particularly in areas like electricity where prices have been high since before the epidemic.

A variety of data solutions are offered by Equifax UK to assist companies in better understanding and catering to their clientele.

With a focus on improving client accessibility and affordability, Equifax UK helps businesses in a variety of industries make well-informed decisions about financing, customer interaction, and risk management by utilizing strong data analytics and credit information.

Using Open Banking technology, the recently introduced Tariff Connect system automates social tariff eligibility checks, substituting a smooth digital experience for laborious documentation.

Customers may now have their eligibility for social tariffs confirmed in a matter of minutes using an intuitive application form, greatly cutting down on the present procedure, which sometimes takes weeks. Tariff Connect also makes it possible for providers to evaluate clients' eligibility on a regular basis, guaranteeing ongoing assistance for individuals whose financial situation may alter.

Another goal of Equifax UK's Tariff Connect is to help suppliers fulfill their legal commitments to help disadvantaged customers deal with the ongoing cost-of-living problem.

Given the ongoing affordability issues in the UK, the automated system may improve operational efficiency for businesses by enabling them to offer discounts, forbearance choices, and other supporting measures at scale.

Craig Tebbutt, Chief Strategy and Innovation Officer at Equifax, stated: "The economic environment may have improved, but pressures from the cost of living are still strong underneath the surface, and many people will be especially concerned about their household costs. Since almost 6.4 million individuals in the UK are on Universal Credit, there is a bigger demand than ever for easily accessible social tariffs. In order to demonstrate their eligibility for bill savings and payment holidays, customers must presently complete paperwork and submit postal proof, which can be time-consuming and complex.

"The introduction of Tariff Connect demonstrates our dedication to using technology to promote positive social impact and makes it easier for individuals in financial hardship to receive social tariff rates. People may quickly and easily access the more equitable and inclusive tariffs they require to live their best financial lives thanks to this smooth digital path.