BuildFax and Equifax say they will provide property & casualty insurance carriers with history on commercial and residential buildings that will improve the accuracy of underwriting valuation models.
Equifax, an Atlanta supplier of business and credit information, said it will provide its customers with access to BuildFax's commercial and residential database, which includes historic information on 60 percent of the nation's building permits.
This will help carriers improve their pricing and cut fraud, the two firms said.
BuildFax, a division of BUILDERadius, is the creator of a national database of historical building permit data. Co-headquartered in Austin, Texas and Asheville, North Carolina, the firm aggregates, analyzes, delivers and maintains data on property improvements and valuation increases. The information also includes key risk factors such as aging roofs and other major “system indicators.”
"We focus on documenting and updating a structure's 'life story' by collecting and providing detailed information for all U.S. residential and commercial property related decisions," Holly Tachovsky, President of BuildFax said.
