Equifax News Update: Better Consumer Insights, Reduced Risk
Equifax News Update: Better consumer insights, reduced risk. A new Equifax product gives better insight into consumer behaviour and lessens financial risk.
Equifax have launched a new product called Equifax Dimensions that can deliver a more comprehensive picture of past credit conduct so that future credit trends can be better identified. The new solution allows lenders to access detailed consumer credit behaviour over a period of two years. Having this information available, will allow lenders to make better and more exact decisions when they assess creditworthiness in relation to a credit request from a customer.
Equifax Dimensions works by looking at hundreds of comprehensive payment features so that consumer spending and financial patterns can be categorised and detailed, broken down by industry and the type of account. Users of the new system provided by Equifax will be able to see two years worth of transactions covering balances, payments and credit use in order to identify specific individual behaviour and lend maximum insight to any decision on lending that they make.
Equifax News Update
Equifax Dimensions will be a boon to those who use it as they have access to the information that they most need in order to make informed lending decisions. The type of information that is afforded by the new system includes showing what consumer is most likely to open what type of account, giving insight into customer spending patterns, creating indicators for credit increases and an indication of whether or not customers are likely to comply with payments following any credit line increase.
It can also determine the spend ratio against factors like payments or balance on the account, predicting which customers will be receptive to the idea of balance transfer and calculating the amount of debt that can be managed while keeping all accounts current. The system will also identify the so called ‘breaking point’ the point at which the debt incurred will lead to the customer defaulting on payment or having to take some other action such as filing for bankruptcy.
Updates On Equifax
Equifax is a world wide leader in consumer, business and workforce solutions and the company offers many different businesses and consumers the kind of information they can put their trust in. Equifax process data on more than five hundred million consumers and eighty one million businesses globally using advanced analysis technology to create and impart insights that are highly customised and specialised, that will enrich both the performance of its business customers as well as the lives of everyday consumers.
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