2023 Alternative Credit Data Impact Report
Gain Next-Generation Insights
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Public Records |
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Identity Insights |
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Stability Insights |
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Address Insights |
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Alternative Credit
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Asset Insights |
Alternative Data Offers Expanded Insight
An improved understanding of consumer credit risk can help you see
opportunity where others simply see risk.
Benefits of Non-Traditional Credit Sources
The key to better lending decisions is incremental predictive insights.
Extend better offers
Improve credit decisions on the margin by moreeffectively evaluating borderline applicants.
Grow approval rates
Identify off-margin consumers underestimatedby traditional credit scores.
Expand your addressable market
Seize opportunities to turn credit invisibles — boththin-file and no-file consumers — into valuable customers.
Improve booking rate and profitability
Extend more accurate pricing and terms to consumers across the credit spectrum who have been misclassified by traditional credit assessments.
Enhance portfolio management process
Monitor changes across the customer lifecycle. Have Sales Contact Me
Incorporating alternative credit data can deliver greater visibility into credit risk than using traditional data alone.
Alternative credit data goes beyond traditional credit data to deliver a broader, more comprehensive picture of consumer creditworthiness and associated risk. Non-traditional data like professional licenses, asset ownership and public records can help bridge the gap when paired with traditional credit data.
Alternative Credit Data Impact Report
Impact of Alternative Data Report Infographic
Alternative Consumer Data: What You Should Know
A New Perspective on Small Business Lending
“84% of respondents use alternative credit data in marketing and credit risk assessment across the customer lifecycle.”
LexisNexis Risk Solutions delivers a comprehensive report on the state of alternative data usage across the lending ecosystem. 225 financial institutions were surveyed, collecting responses from banks, credit unions, non-bank lenders and fintech organizations to gain insights on how alternative data is being leveraged in lending decisions, origination strategies and prescreen marketing.
Financial inclusion, increased visibility and improved segmentation are driving adoption of alternative credit data
Alternative credit data is driving meaningful business impacts
Overall satisfaction with alternative data is high, though some challenges and barriers remain
The 2023 Alternative Credit Data Impact Report offers more insights into
alternative data usage and outcomes, including deep dives into:
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The top drivers of alternative data adoption
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Benefits of incorporating alternative data and its impacts on revenue growth
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Challenges that may be limiting adoption rates