ID Analytics Introduces Credit Optics® Full Spectrum Auto to Provide Lenders with Improved Insight into Credit Risk
SAN DIEGO & SAN FRANCISCO–(BUSINESS WIRE)–AFSA Vehicle Finance Conference and Expo, Booth #306—ID Analytics, a Symantec company and leader in consumer risk management, today announced Credit Optics Full Spectrum Auto, a new version of its credit score designed specifically to address the needs of the automotive lending industry by providing lenders with insights that can help them extend even more compelling loan offers to applicants across the credit spectrum. Credit Optics Full Spectrum Auto distinguishes itself from more limited alternative credit solutions by delivering a more complete understanding of credit worthiness on applicants from no-hits to thick-files, sub-prime to super-prime, helping lenders to extend more competitive offers and ultimately book more loans.
To accomplish this, ID Analytics leverages a powerful and uncorrelated assessment of consumer credit risk using event and performance data found in ID Analytics’ ID Network®, one of the nation’s largest networks of cross-industry consumer behavioral data. The ID Network provides deeper insights from data not typically analyzed in traditional credit scores, including transaction data from wireless, cable and utility accounts; online marketplace, payday and subprime lending; and other credit-relevant alternative data sources.
To illustrate how a score that looks at both traditional and alternative credit data can reveal a substantial difference in risk within a bureau score band, ID Analytics analyzed a group of prime auto loan applicants with traditional credit scores of 750+. When these applicants were scored using Credit Optics Full Spectrum Auto, the company discovered a significant separation of risk among what are considered excellent credit applicants—with the riskiest 20 percent being more than nine times higher than the lowest risk consumers within the super-prime score band (applicants with 750+ scores).
Balancing Risk and Regulatory Requirements
In a rigorous regulatory environment, credit risk solutions often struggle to meet the evolving demands of financial regulators without compromising performance. ID Analytics has spent years innovating new techniques designed to help lenders meet their regulatory requirements while minimizing trade-offs on score performance.
“In an increasingly competitive market, Credit Optics Full Spectrum Auto helps lenders gain the insights needed to stay ahead of the competition,” said Ajay Nigam, CEO of ID Analytics. “Conventional credit scores typically provide only a partial view of consumer behavior and its associated risk. By combining this information with alternative data, automotive lenders can enhance their underwriting strategies with the goals of extending more competitive loan terms to consumers across the credit spectrum, and increasing book-to-look ratios while minimizing their exposure to risk.”
ID Analytics’ Credit Optics Full Spectrum Auto is available today. Auto lenders interested in enhancing their credit decisions should contact firstname.lastname@example.org. For more information on Credit Optics Full Spectrum Auto visit: www.idanalytics.com/industries/automotive-lending
ID Analytics at AFSA 2019
Visit ID Analytics in booth #306 at the AFSA Vehicle Finance Conference and Expo. To arrange a meeting with ID Analytics during the show, please contact Jeff Simpson.
About ID Analytics LLC
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and near real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a Symantec company. Visit www.idanalytics.com to learn more.
ID Analytics and ID Network are registered trademarks of Symantec all other trademarks and registered trademarks are the property of their respective holders.