Alternative Credit Data is the Key to Segmenting Auto Risk
Traditional data alone may not be enough to underwrite auto loans with confidence. Adding alternative credit data allowed one lender to reduce risk as much as 40 percent in a recent study.
When combined, the data clearly shows auto lenders where they can expand their approval criteria with the least risk.
Take the guesswork out of your underwriting by using all
In an effort to mitigate risk and improve their account opening process, a top 50 financial institution wanted to determine if they could predict which new accounts would result in a forced closure in the first 6 to 12 months.
Annual losses from account closures were almost $7 million. The losses were a result of accounts being overdrawn for extended periods of time, causing the institution to close