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- Enables you to identify marketing areas according to income
- Provides an independent estimation of an applicant's stated income
- Ensures existing credit limits are aligned with a customer's spending potential
- Segment a portfolio by income to market other products and/or refine an existing product to increase its usage
- Prioritize your collections efforts
How It Works
Equifax's Canadian Income Predictor provides an independent estimate of an individual's annual employment income in the form of a three-digit income score. The CIP score is derived from:
- Individual monthly employment income from consumer credit applications for several national financial institutions
- Credit variables derived from the data in the consumer credit file
- Statistics Canada Income Data (The Tax Filers Summary Table)
The CIP score can then be used by your business to understand a consumer's individual needs and offer products and services that are specifically tailored to those needs.