Gain Insight into Consumer Credit-Seeking Behavior
Recognizing high-velocity applicants
Strike a balance between approving legitimate applicants and preventing first-party fraud
The likelihood of fraud increases with each successive simultaneous loan a borrower is approved for.1 But when borrowers apply to a multitude of lenders quickly, before traditional credit data can react, lenders are left with a gap in visibility into how — and why — consumers are seeking and obtaining credit.
Gaining insight into high-velocity applicants and their loan seeking behaviors can help lenders determine if applicants are savvy shoppers, overextended borrowers — or loan-stacking bad actors.
Learn more about the three types of high-velocity applicants
Shoppers
Legitimate applicants who rapidly solicit pricing from various lenders to find the best rates.
Overextended Borrowers
Applicants with poor credit who rapidly apply for loans they intend to, but won’t be able to, repay.
Stackers
First-party fraudsters who rapidly apply for loans with no intention of repaying.
How can lenders distinguish between legitimate applicants and first-party fraudsters?
Loan Shopper Attributes provides a nuance and granular view of applicant behavior enabling lenders to identify bad actors, improve fraud and credit risk decisions and mitigate losses.
Leverage insights drawn from a vast network of contributing organizations dedicated to creating a more
comprehensive and more up-to-date picture of lending behaviors and intentions.
Gain network-level visibility
See loan shopping behaviors for consumers and small businesses, collected from financial organizations across the network
Leverage Data from multiple industries
to broaden the view of risk and optimize
origination decisions
Measure early and later-stage behaviors
A combination of GLBA and FCRA insights indicate lending velocity for a specific applicant at different periods of time – from the last 90 days to the last hour
Improve origination decisions
Learn more about how Loan Shopper Attributes helps you segment loan shoppers from stackers.
Featured Content
Identify Loan Stacking Behavior
What can you learn from the behavior of Loan Stackers?
Expand your view of credit-seeking behaviors
Ready to reduce fraud and extend more offers to creditworthy applicants?
Contact us to learn more.
1. Wall Street Journal, “Borrow or Fraudster? Online Lenders Scramble to Tell the Dierence.” 2016, https://www.wsj.com/articles/borrower-or-fraudster-online-lenders-scramble-to-tell-the-difference-1477580637