Painting a Complete Picture - Part 3: Data Trends
In credit risk decisioning, a point-in-time snapshot of a consumer’s income and credit history paint only part of the overall picture of one’s capacity to repay a loan. And sending an applicant home to gather print-outs of bank statements and tax returns to verify their income introduces friction into the equation. How do you get a more complete picture of an applicant’s financial obligations while helping ensure an optimal customer experience? Amy Graybill, Vice President of Enterprise Insights & Core Data Products at Equifax discusses the how trended or transactional data can help lenders paint a more complete picture of a consumer’s financial standing, without adding friction to the process.