Enhance consumer profiles and acquisition models before Prescreen

December 3, 2020

This use case explains how you can enhance your consumer profiles and acquisition models before Prescreen.

Situation: Company turns to Equifax for a solution to assess lending to subprime, thin, and no-file consumers while still mitigating risk.

Challenge

A lender wants to broaden its Prescreen prospect pool while still mitigating risk.

It wants to enhance its segmentation and acquisition models before Prescreen with additional insights on subprime, thin, and no-file customers.

Solution

Equifax provides economic insights and alternative credit data to help the company enhance its models and better assess consumers before Prescreen.  Data includes:

  • Likely total household income, ability to pay, and aggregated credit needs and usage to better assess households’ ability to meet obligations

  • Employment verification

  • Consumer-permissioned bank transaction data to better understand financial behaviors

  • Consumer-permissioned access to utility and telecom accounts to better assess payment history

Outcome

By using economic insights and alternative credit data, the company can:

  • Enhance acquisition models to lend deeper into the credit file

  • Expand its audience for lending offers

  • Better segment and identify consumers with desired credit and financial attributes

Results may vary based on actual data and situation.

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