Note from the Publisher: The underbanked, it turns out, are a rather large underbelly of the US (and indeed the world) economy. These folks may pay their bills on time, but don’t have established credit records because they pay many of their bills in cash and don’t have banking accounts, or their credit scores may be under 700 for any number of unknown reasons making them more risky to issue credit to. Credit bureaus like Equifax don’t do them much good. Enter, “alternative credit bureaus”, such as eCredable, whose president Steve Ely we featured in a recent 3 Questions segment, and FactorTrust, another Atlanta-area based credit burea, which according to its website, “enable(s) financial service companies an opportunity to uncover creditworthy prospects that are not surfacing via traditional credit sources.” According to a recent press release, FactorTrust has teamed with risk analytics Provenir to widen the pool of creditworthy borrowers to the customer base of the latter, which includes firms involved in consumer credit and lending, SME lending, auto finance, fintech & consumer credit risk, commercial lending and commercial real estate finance.
‘ATLANTA–(BUSINESS WIRE)–In advance of Money 20/20, the financial industry’s largest tradeshow, FactorTrust, The Alternative Credit Bureau, announces the integration of its database with risk analytics and decision solutions provider Provenir. The integration provides Provenir’s clients with exposure to a greater pool of creditworthy borrowers.
“Combining FactorTrust’s ability to accurately mine and score underbanked consumers with Provenir’s automated end-to-end risk analytics and decisioning platform provides lenders with an even quicker and more accurate and robust lending solution,” states Greg Rable, CEO of FactorTrust.
FactorTrust’s real-time database of more than 200 million loan transactions provides lenders with a holistic view of underbanked consumers’ creditworthiness and ability to repay loans. Though all lenders, including banks, benefit from FactorTrust’s data, it is especially valuable in the consumer lending, auto and rent-to-own industries.
“Our clients are frequently looking for reliable and accurate data sources as an alternative to traditional bureau, which integrate into the lending process simply,” says Paul Thomas, Provenir’s global head of sales and marketing. “By developing a relationship with FactorTrust, we’re providing a value-add for our clients which not only cuts down on the time associated with underwriting, but is also cost-efficient to implement.”’