How much data exists when you combine consumer credit data on 220 million consumers and 4 billion tradelines with 24 months of history? An overwhelming amount, which can be leveraged to help lenders make complex decisions and connect consumers with financial products that will benefit them.
Experian® launched Extended Trade, one of the most advanced products within Credit3D(TM), a suite of credit risk-management tools to help lenders translate enormous quantities of trended data into valuable insights. Extended Trade features 18 new trade-level fields that provide trended insights for more precise targeting.
“The most vital resource in the modern economy is data, and one of the challenges facing businesses today is combing through massive amounts of it to find actionable insights. It can feel like you are searching for a needle in a haystack,” said Paul DeSaulniers, Experian’s senior director for risk scoring and trended data solutions. “Credit3D breaks down barriers, allowing businesses of all sizes to pinpoint the ‘needle’ quickly and deploy a powerful stream of insight to grow their business profitably.”
The value in trended data is a combination of the right type of data sources and solutions which interpret what the data reveals. Extended Trade’s unique capability is to uncover granular data and provide strategic actions for lenders on how and what to market to consumers. Understand how a consumer spends, their current estimated interest rates, potential profitability and the number of months remaining on their loan term for each trade. This unique data and technology allow lenders to offer consumers the right financial products based on their needs and behaviors.
The Credit3D suite is a holistic and multidimensional approach to lending, powered by Experian trended data, which tracks the consumer’s credit behaviors for the previous 24 months. It is customizable by industry and helps to:
- Increase response rates by identifying consumers who are in the market for specific financial products
- Reduce loan losses by delivering trends and metrics that signal positive and negative changes to a consumer’s financial situation — providing a deeper level of information than a credit score
- Improve attrition and lifetime value by providing industry-specific data strategies that identify more profitable consumers and those more likely to be loan hoppers
Experian has offered the lending community tools to interpret historical credit data for nearly two decades, allowing lenders to make more informed decisions. This information is now available on Experian’s consumer credit reports. This includes 24 months of historical balance, credit limit, scheduled payment, actual payment and payment date.
“A credit score is useful but is merely a snapshot. Knowing a consumer’s credit information at a single point in time tells only part of the story,” said DeSaulniers. “For a holistic view of a consumer’s credit behavior, you need to look at their historical data to determine their financial needs and to understand how they really are managing their finances.”
To learn more about Experian’s Credit3D suite, visit http://www.experian.com/credit3d.
Source: Experian Press Release