Expand Current Customer Relationships and Grow Your Business
Benefits of Alternative Data
Expand access to credit for consumers with thin and no credit files, and those working to improve their credit
Make better decisions related to product offer, terms and underwriting with a more complete financial profile for consumers
Get a more complete picture of a consumer’s ability and willingness to repay loans from non-traditional credit sources
Alternative Data Sources
At Equifax, we consider alternative data as any source of data beyond traditional credit file data. When paired with traditional credit information, alternative data can help strengthen business intelligence for a more proactive, customer-centric approach to account acquisition, relationship management and risk mitigation.
In addition, Equifax has created a series of industry-specific alternative data scores to help lenders and service providers solve for credit needs specific to the communications, automotive, retail banking and other consumer service sectors. By incorporating alternative data into their decision-making process, businesses gain deeper insight into their current and future customer base.
Related Products and Solutions
[i] Equifax analysis of credit activity, 2019