Better Credit Insights Now Available to Auto Lenders

Equifax.com

Equifax announces the avail­abil­i­ty of a new prod­uct that deliv­ers a more in-depth pic­ture of a consumer’s past cred­it behav­ior, allow­ing more pre­cise lend­ing deci­sions.

Find out more about Equifax Dimen­sions and how it helps auto lenders.

Equifax (NYSE:EFX) today announced the avail­abil­i­ty of a new prod­uct, Equifax Dimen­sions™, which deliv­ers a more in-depth pic­ture of past cred­it behav­ior in order to bet­ter pre­dict future cred­it trends. Using this new solu­tion, lenders can see up to two-years’ worth of detailed con­sumer cred­it activ­i­ty allow­ing them to make more pre­cise and prof­itable lend­ing deci­sions.

Equifax Dimen­sions ana­lyzes hun­dreds of detailed pay­ment char­ac­ter­is­tics to iden­ti­fy con­sumer pat­terns by indus­try and account type. Users can access 24 months of con­sumer bal­ance, pay­ment and cred­it uti­liza­tion data to dif­fer­en­ti­ate behav­iors and max­i­mize con­sumer insight in their deci­sions.

Equifax Dimen­sions has a direct pos­i­tive impact on lenders’ and ser­vice providers’ acqui­si­tion, orig­i­na­tion, account man­age­ment and ana­lyt­ics strate­gies, enabling them to:

  • Iden­ti­fy which con­sumers are most like­ly to open accounts;
  • Pre­dict how much and where con­sumers are like­ly to spend;
  • Cre­ate an indi­ca­tor for cred­it line increas­es and the like­li­hood for stay­ing cur­rent on pay­ments fol­low­ing an increase;
  • Deter­mine ratio of spend against cer­tain fac­tors, like bal­ance or pay­ment;
  • Iden­ti­fy propen­si­ty of a con­sumer to accept a bal­ance trans­fer;
  • Pre­dict capac­i­ty to incur addi­tion­al debt while stay­ing cur­rent;
  • Deter­mine “break­ing point” of spend that will lead to default; and
  • Eval­u­ate cred­it risk to bet­ter pre­empt default and/or bank­rupt­cy

“Equifax Dimen­sions gives our cus­tomers a win­dow to look fur­ther into con­sumer cred­it trends so that they can make more informed lend­ing deci­sions to there­fore increase prof­itabil­i­ty,” said John Culler­ton, Senior Vice Pres­i­dent, Prod­uct Inno­va­tion and Man­age­ment, Equifax.

 

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