Consumers and businesses need access to credit and lending to live and perform. Yet, 91.5 million consumers struggle to gain access to mainstream credit products because of their thin or “invisible” credit files.¹ Many of these individuals with thin or no credit score are Black, Hispanic, or live in areas deemed credit insecure and lack formal credit opportunities. However, just because they have no or minimal credit history doesn’t mean they aren’t potentially credit worthy.
With additional data -- particularly alternative data sets -- many of these individuals could be considered for loans and other services. Greater visibility can determine whether you offer more loans or miss opportunities to identify new customers.
In today’s digital credit landscape it is important for your business to drive smarter revenue and provide excellent customer service, all while managing risk effectively. With the economy shifting fast your business needs accurate data sources and deeper insights. This can potentially help your business predict outcomes, expand your customer pool, and make fast decisions across your customer journey.
How we can help
With the help of Equifax, you can gain a more complete view of consumers, expand access to credit, and leverage the right tools to establish your decisioning policies. For example, only Equifax can provide income and employment data from The Work Number® database into credit decisioning enabling 7M+ people to qualify for better offers.² This makes it easier to expand your portfolios and stay ahead of risk and the changing dynamics. With more detail around consumer transactions and financial behaviors outside the traditional credit file, you can discover emerging risk and opportunity, expand current customer relationships, and grow your business.
In the new eBook, “Why Saying "Yes" to More Customers is Good for Business” by Equifax, we provide key insights and information on alternative data sources that can help achieve your business goals. Ready to learn more? Dive deeper into ways to improve your business by saying “yes” to your customers by downloading the full eBook here. To contact us, click here. For more on expanding access to credit, read our blog “How Equifax is Helping Expand Access to Credit.”
¹https://hiverhq.com/blog/consumer-expectations-customer-service-2020-research-report
²Consumer Financial Protection Bureau
³ Equifax Data
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