Equifax Credit Information Services Private Limited (ECIS) India announced the launch of Equifax Dimensions, an innovation to provide a robust view of the customer’s credit profile for strong credit decisions and more relevant offers across the entire customer lifecycle.
Equifax Dimensions is a set of 460 bureau variables that have been created by incorporating the last 24 months data of sanctioned amount, credit limit, balance, utilization, past due and delinquency data using a proprietary methodology of aggregating enhanced bureau information. It delivers a comprehensive insight that shows an increase in credit card utilization, decrease in past due amounts and the rate of decrease in installment loan balances, which all have a significant impact on the customer performance. These all can be used to differentiate from the regular credit report data and increase the accuracy of score and model.
EarlySalary, India’s first salary advance mobile app that offers short term instant loans to young salaried individuals is an early adopter of Equifax Dimensions. In addition to bureau variables, the company has been using alternative data from Equifax for its real-time decisioning.