Equifax Ignite Configurable Score - Auto

Finally, a high-performing risk score for all auto lenders

Equifax Ignite Configurable Score – Auto delivers the power of a custom score in less time, for a lower cost, making it an ideal solution for lenders of all kinds. Uniquely designed to deliver improved performance over generic or custom models, it helps identify more qualified applicants, without increasing the risk of future delinquency or write-offs.

 

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Conceived by an experienced team of data, analytic and automotive industry experts, this robust risk score works by utilizing a specific combination of differentiated data sources and attributes, including highly-predictive alternative data, trended data, credit data and more. The exact mix is tailored to the auto lender’s target customer base—for example, prime or non-prime, high-volume or low-volume—to address their unique risk tolerance. Since the score’s “ingredients”—the data types, sources and attributes—are pre-set, interchangeable and highly configurable, the score can then be built and delivered in days or weeks, instead of months, for half the price of a custom score. This helps auto lenders:

  • Accelerate time-to-market and score effectiveness
  • Improve portfolio profitability and growth
  • Mitigate underwriting risk
  • Minimize future delinquency rates and write-offs

These scores are developed through Equifax Ignite—a revolutionary portfolio of premier data and advanced analytics solutions. Using the many interchangeable data sources and tools available within Equifax Ignite, our experts work with businesses to mix and match specific variables to create an end-to-end solution that targets their distinct business need. With plenty of combinations to choose from, the possibilities are endless, and our experts are there to guide businesses to the optimal result. Since all options are pre-built, it requires a fraction of the time and resources typically needed to build fully customized scores.

Equifax alternative data includes account payment data for everyday bills such as cable, utilities and cell phones. Since most consumers subscribe to these basic services, this type of alternative data provides exceptional coverage, adds another layer of financial insight and offers visibility into the millions of U.S. adults who lack traditional credit.  Lenders can:

  • Confidently serve market segments deemed as higher risk
  • Create more inclusive lending strategies with an expanded view of consumers
  • Make more competitive, risk-averse offers with a deeper view of full-file consumers

Trended Data shows you past behavior to help you better predict future credit behaviors. It reveals unique trends in consumer payments, account openings and credit line increases, based on 24 months of FCRA-regulated tradeline level data. Trended data is a key ingredient in a number of Equifax solutions, driving insights to:

  • Grow your business
  • Reduce risk exposure
  • Reduce losses
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