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Credit scores are good indicators of how well consumers meet payment obligations. However, consumers can have similar scores, but very different financial outlooks. Income, employment, and property data provide valuable insight into creditworthiness. So, it is important to consider not only character, but also capacity and collateral when evaluating an individual’s ability to manage credit.
Equifax combines a variety of non-traditional, in-depth consumer data with credit information to give lenders a more balanced approach to risk management. This 360° consumer view includes such critical factors as disposable income, debt-to-income ratio, and loan-to-value ratio.
Character
Equifax provides fast, reliable access to consumer credit information to help inform your lending decisions.
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If You Need to Know |
Your Equifax Solutions Include |
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Does this individual have credit? How well have they repaid previous obligations?
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· Equifax Credit Reports, built from our proprietary database of more than 200 million consumer credit files, are:
- Updated daily with current consumer data
- Developed using advanced search techniques and matching logic
· National Consumers Telecom & Utilities Exchange (NCTUE), a member-owned database built and housed by Equifax, that delivers consumer contact and default information from local, regional and nationwide utilities and communications providers |
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Is this customer at risk of default on current obligations? |
· A variety of ready-to-use tools, like BEACON 09® and Bankruptcy Navigator Index® that predict the likelihood of consumer delinquency
· VantageScore®, the first tri-bureau model that fuses extensive credit data attributes with innovative statistical modeling for greater scoring consistency |
Capacity
We can help you determine whether consumers have the means to successfully manage additional financial obligations.
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If You Need to Know |
Your Equifax Solutions Include |
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What is this individual’s employment status? |
· With The Work Number®, employment verifications are updated every time an employer runs their payroll, giving you the most up-to-date information on your consumer. |
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Does this consumer have the income to satisfy debt obligations? |
· Equifax Income Suite offers both actual/verified and modeled income solutions at the individual level, and modeled income solutions at the household level. Features:
- The Work Number for employer-provided income verification
- Personal Income ModelTM for individual income prediction
- Income360® (I360), a unique household-level income estimate that provides precise dollar values from $0-$2.0M, based on income generated from both wages and invested assets |
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Can this customer/prospect handle additional credit? |
· Credit Capacity IndexTM, powered by FICOTM, rank-orders an account to reflect how likely a consumer is to repay future financial commitments. |
Collateral
Identify and assess property that might be available for loan repayment.
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If You Need to Know |
Your Equifax Solutions Include |
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Does this individual have adequate collateral to secure a loan? Do they have the means to pay delinquent debt? |
· AVMs, House Price Indices/Forecasts, Liquidity and other proprietary asset data |
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Is this a high net worth household? |
· I360 provides a precise dollar value based on income generated from both wages and invested assets |
Portfolio Management
In addition to helping you effectively evaluate consumer risk, Equifax has the tools to help you better manage your overall portfolio.
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If You Need to Know |
Your Equifax Solutions Include |
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How can I prioritize and manage my accounts? |
· Equifax Premium CPRSM for enhanced portfolio risk decisioning and account prioritization. Features credit data and analytics, and unique income and employment data:
- Employer-provided consumer income and employment information
- Monthly debt payment information
- Consumer debt-to-income ratios, and more |
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What economic trends and external factors might impact my portfolio? |
· CreditForecast.comTM offers timely economic, demographic and general credit trend information, with more than 200 series of credit and economic data. CreditForecast.com provides five-year forecasts with quarterly periodicity and credit history dating back to 1998. |
Precise modeling and analytics are the foundation of all of our risk management services. We can combine your own information with a variety of Equifax proprietary data attributes to design custom risk tools for your specific needs.
Let us show you how to apply the 360° consumer view to your lending practices. Call us at 1-800-202-4025 or complete the form below for more details. |
