ATLANTA--(BUSINESS WIRE)--FactorTrust, the alternative credit bureau, today announced the addition of United Auto Credit to its growing number of clients enlisting alternative credit data to help qualify and evaluate risk in their underwriting process.
Trends in the non-prime automotive segment have financial service providers seeking ways to identify and interact with underbanked and non-prime consumers through new data sources. With FactorTrust’s database of more than 250 million unique loan transaction records, United Auto Credit, the California-based, non-prime automotive financial service provider who serves dealers and their customers across the U.S., now has a more holistic view of non-prime consumers and their ability to repay loans.
The unique credit data attributes FactorTrust has accumulated throughout the past 10 years is largely unavailable via traditional sources.
“FactorTrust’s proprietary data of non-prime consumers—specifically our loan performance data—is proven to be more predictive than the Big 3 bureaus; because our data isn’t reported to the Big 3, it’s new data to the market,” said FactorTrust CEO Greg Rable. “This alternative credit data speaks to today’s sophisticated financial service providers who need new, unique data sources to make faster and more accurate decisions about their customers and gives them products and pricing that they deserve. Depending solely on Big 3 bureau data and traditional credit scores is just not keeping up with the current competitive landscape in lending.”
“The inclusion of FactorTrust’s alternative credit data into our cutting-edge technology will help us achieve our mission of providing more credit options and excellent customer service to consumers within our common-sense lending strategy,” said United Auto Credit’s Chief Executive Officer Jim Vagim. “The FactorTrust data study helped us understand how we can mitigate losses and approve more creditworthy consumers, allowing us to better serve our network of independent and franchised dealers.”
For automotive financial service providers wanting to know more about the uses of alternative credit data in their credit strategy, FactorTrust will conduct a secure data study at no cost. Connect with FactorTrust at www.FactorTrust.com or 866-910-8497.
FactorTrust, the alternative credit bureau, is relentlessly dedicated to proven analytics and clean credit information that provide lenders and financial service providers opportunities to grow more revenue, meet compliance regulations and serve more consumers with more credit options. At the core of FactorTrust is alternative credit data not available from the Big 3 bureaus (Experian, TransUnion and Equifax) and analytics and risk scoring information lenders need to make informed decisions about the consumers they want. FactorTrust alternative credit data and analytics accurately predicts risk and the ability to repay of near and non-prime consumer loans in real-time. The company’s solutions enable financial service companies an opportunity to uncover creditworthy prospects that are not surfacing via traditional credit sources. Headquartered in Atlanta, the experienced FactorTrust team of predictive analytics specialists, statisticians and financial industry experts has delivered unique data and valuable insight to lenders throughout the U.S. for more than 10 years. For more information on the quarterly FactorTrust Underbanked Index or the company itself, visit www.FactorTrust.com.
About United Auto Credit
Common sense thinking not only drives us toward intimate dealer and customer relationships, but it is one ideal that separates United Auto Credit from other lenders in the industry. Our common-sense lending approach allows us to make individual credit decisions for our customers on a deal-by-deal basis. As a result, our dealers are able to sell more cars, our customers receive the financing they need to establish or repair their credit, and United Auto Credit gets the satisfaction from knowing both parties are happy with the service we provide.