CRS
At CRS, we’re dedicated to providing innovative solutions that empower businesses to make informed decisions efficiently. Today, we’re thrilled to introduce our latest offering: Consumer Attributes from Equifax.
Available now on CRS, this groundbreaking product provides a wealth of pre-calculated data points to enhance your credit assessment process.
What Are Consumer Attributes?
Attributes are cleansed, simplified data points or data sets that summarize complex, raw data into a more usable format. In this scenario, attributes are provided by credit reporting agencies to offer a deeper understanding of an individual’s financial behaviors and risk levels in lending.
Equifax, a trusted leader in the industry, offers an extensive array of 2800 consumer attributes available through CRS, each designed to provide unique insights into a borrower’s financial profile.
These attributes encompass a wide range of data points, from the age of the oldest trade to the maximum credit limit on open trades.
Why Are They Useful?
Consumer Attributes from Equifax are invaluable tools for businesses of all sizes, streamlining the decision-making process and saving valuable time and resources.
These attributes offer a more thorough understanding of an individual’s creditworthiness, enabling businesses to make more informed decisions efficiently.
Whether assessing the longevity of a borrower’s mortgage history or understanding their recent credit behavior, consumer attributes help provide the insights needed to assess risk.
Tailored Insights for Specific Lending Needs
Lenders with specific use cases or preferences for prospective lendees can greatly benefit from the granularity of consumer attributes from Equifax…
For example:
- Mortgage Lenders: Attributes like the age of the oldest mortgage trade and total past due amount on retail trades can help mortgage lenders assess the financial stability and responsibility of applicants.
- Auto Loan Providers: The number of installment trades charged off ever and the balance on open revolving trades can provide auto loan providers with insights into an applicant’s repayment history and current debt levels.
- Credit Card Issuers: Attributes such as the maximum credit limit/high credit on bankcard trades opened in 12 months and the number of trades opened in 12 months can help credit card issuers evaluate an applicant’s credit utilization and recent borrowing activity.
- Fintechs with Specific Thesis or Decision Engines: Fintech companies that operate with a specific thesis or use decision engines focused on particular lending variables can leverage attributes to enhance their decision-making process. For instance:
- Risk Assessment Models: Fintechs can use attributes related to payment history, credit utilization, and recent inquiries to refine their risk assessment models, ensuring more accurate predictions of borrower behavior
- Alternative Lending Criteria: For fintechs exploring alternative lending criteria, attributes such as the number of trades with balances, the presence of public records, or the diversity of credit types can provide valuable insights into an applicant’s financial health beyond traditional credit scores.
- Customized Lending Products: By analyzing specific attributes, fintechs can develop customized lending products tailored to niche markets or specific borrower profiles, offering more personalized and competitive options to their customers.
Examples of individual attributes available
- Age of the Oldest Mortgage Trade: Provides insight into the longevity of an individual’s mortgage history.
- Months Since the Most Recent Delinquency on Trade: Helps gauge a borrower’s recent credit behavior.
- Number of Trades Currently 30+ DPD Delinquency or Major Derogatory Reported Ever: Identifies borrowers with a history of significant credit issues.
- Maximum Credit Limit/High Credit on Bankcard Trades Opened in 12 Months: Determines the maximum credit exposure of a borrower within a specific timeframe.
- Total Balance on Open Unsecured Trades Reported in 3 Months: Assesses the current debt burden of a borrower.
Who Can Benefit?
Businesses of all sizes can utilize consumer attributes to power up their lending models, from startups to established institutions. Whether you’re a small business looking to streamline your credit assessment process or a large corporation seeking to optimize decision-making, CRS’s latest offering is tailored to meet your needs. With thousands of pre-calculated data points at your disposal, unlocking actionable insights has never been easier or more efficient.
Conclusion
Consumer Attributes from Equifax represent a significant advancement in credit assessment, providing businesses with the tools they need to make informed decisions confidently. Whether assessing a borrower’s mortgage or utility payment history, recent credit behavior, or overall financial health, these attributes offer unparalleled insights that enable businesses to mitigate risk and make lending decisions with confidence.
Ready to elevate your decision-making process?
Contact us to learn more about how your business can utilize Consumer Attributes from Equifax.
