Identify and avoid risk
Finance a full spectrum of automotive customers—including those with little to no credit—with a streamlined origination process that can quickly assess credit worthiness, prevent fraud and strengthen compliance. Equifax offers traditional and alternative credit data, verifications, predictive scores and more.
Employment and Income Verification - Verify Information
Accelerate your auto financing decisions with a faster, more consistent and accurate solution for verifying employment and income. Using our vast data resources, which includes access to employer direct records and previous pay records (updated to last pay cycle), Equifax Verifications can confirm employment status, employer, pay frequency, yearly income and income history to help you:
- Improve automotive underwriting efficiency
- Reduce manual errors and delays
- Help prevent application fraud
- Optimize use of internal resources
- Safely grow auto loan volume
To improve your origination efficiency, integrate Employment and Income Verifications with other origination solutions such as Dimensions to help identify financial risk.
Better predict future borrower risk by understanding their past behavior with unique insight into credit usage and payment behaviors transpiring over 24 months. Equifax Dimensions provides over 500 consumer attributes to help you better deliver the right terms and more competitive offers the first time by identifying patterns and trends. Specifically, the trended data provided by Equifax Dimensions can help you identify:
- Credit stress and risk before delinquency and charge-off
- Consumers that fit your risk profile for an auto loan
- Borderline applications that allow you to confidently make a decision
- Capacity to finance an auto loan without becoming past due
For an optimized origination strategy, integrate other solutions from Equifax such as Advanced Decisioning Attributes.
Advanced Decisioning Attributes
Make more uniform credit decisions that better align with automotive risk and profitability goals by getting a standardized view of consumer credit information across all three major credit reporting agencies (CRAs). Equifax Advanced Decisioning Attributes provide a premium set of tri-bureau enabled consumer credit attributes, plus optional access to a user-friendly interface known as Attribute Navigator that empowers businesses to self-manage attributes without dedicated IT resources. This solution helps:
- Standardize your view of consumer behavior for more consistent decisions
- Minimize the cost of managing multi-sourced attributes
- Simplify credit attribute management
For an optimized origination strategy, integrate Advanced Decisioning Attributes with other origination solutions from Equifax such as Enhanced Debt-to-Income.
Identify customer capacity-to-pay, and approve profitable customers in the near-prime and subprime ranges, with a specialized debt-to-income score created for the automotive industry. Enhanced Debt-to-Income offers a non-traditional risk and capacity measure that uses a variety of relevant data sources and unique auto-related variables to help you confidently approve more vehicle loans efficiently while minimizing risk with an auto-specific score. With this solution, you can:
- Confidently extend credit to a wider audience of consumers
- Better distinguish borrowers by segmenting customers within credit risk bands
- Strengthen your current credit risk assessment strategy
For an optimized auotmotive origination strategy, integrate Enhanced Debt-to-Income with other origination solutions from Equifax such as Bankruptcy Navigator Index Score.
Bankruptcy Navigator Index 4.0
Protect profits with a robust score that helps automotive businesses predict the likelihood of consumer bankruptcy over 24 months. Bankruptcy Navigator Index 4.0 is a fourth-generation bankruptcy score that uses market-leading Equifax consumer credit data and advanced analytics to boost vehicle loan performance by helping you accurately spot bankruptcy risk early—and navigate around it. More specifically, the new version of the score delivers a significant performance improvement, showing a significant lift over prior versions to help you evaluate a full spectrum of customers.
For an optimized origination strategy, integrate Bankruptcy Navigator Index Score with other origination solutions such as Insight Score for Credit.
Underwrite profitable automotive customers among the more than 20 million consumers with little to no credit history with help from a new credit score built from alternative data. Insight Score offers unique visibility into an automotive consumer's ability to pay by combining Equifax proprietary credit sources, including non-financial payment history on obligations not represented in a credit report such as cable, phone and utilities, to help you:
- Gauge credit risk associated with emerging, and under-banked populations
- Reduce credit risk with expanded, highly relevant and predictive financial insight
- Better understand the propensity-to-pay of current customers and "thick-file" consumers
Make stronger, more accurate and profitable automotive lending decisions by using the credit report trusted by businesses and consumers for more than a century. Consumer Reports provide more data on more people, with more than 2 billion new consumer records added each month, plus more complete file information including full names and addresses to help you:
- Grow your automotive business by making better informed decisions on more consumers
- Streamline decisioning with intuitive groupings for tradelines, employment, identification, inquiries and more
- Easily access the specialized sections, fields and system delivery methods you demand with multiple report options.
The crucial first step in combating auto application fraud is to scrutinize the identity's components such as name, address, Social Security number (SSN) and telephone number. Are they accurate, or are there obvious discrepancies? What is known from existing records about portions of the identity? Ultimately, your goal is to ensure you know the identity of the person applying for the car loan.
With Identity Scan, we help you stop fraud earlier:
- Confirm the identity on the loan is the person driving the car.
- Confirm that an SSN belongs to an applicant to help reduce the risk of loss caused by fake identities.
- Protect against stolen identities
Equifax fraud solutions can help you monitor 'identities-in-play' across dozens of industries and thousands of institutions, to find suspicious activity that any single institution couldn't see on their own. Suspicious ID detects patterns that are indicative of fraudulent activity in real-time. For more information on the complete suite of Equifax fraud solutions for account opening, please click here.