The competing demands placed on credit risk professionals seem to present an insurmountable challenge to growth. How can lenders extend more competitive offers to a wider range of applicants—prime-to-subprime and thick-file to no-file—without increasing risk exposure or adopting bleeding-edge innovations? Traditional credit data, which no longer captures a full picture of the consumer, is not the answer. It overlooks growth opportunities from credit invisibles who display positive credit patterns, often underestimates the creditworthiness of subprime to near-prime consumers, and struggles to distinguish critical differences in credit risk among prime to super-prime consumers.
The secret to more competitive and profitable lending decisions is obtaining a more comprehensive view into applicant creditworthiness. To execute risk-based pricing strategies across a wide consumer base, organizations need the broader risk visibility attainable through alternative credit data.
In response to increasingly dynamic market conditions, LexisNexis® Risk Solutions has developed two alternative credit scores — RiskView™ Optics and RiskView™ Spectrum - which combine alternative credit behavior insights and life event insights to deliver to deliver truly transformational credit risk assessments.
These scores – designed to augment and enhance the traditional credit solutions in your existing account opening processes - complete lenders’ view into creditworthiness to enhance decisions in every consumer segment.
The result of years of innovation and research, these scores combine the data and intellectual property of two alternative data market leaders – LexisNexis Risk Solutions and ID Analytics® - to take predictive performance, scorable rates and compliance standards to a whole new level.
RiskView Optics and RiskView Spectrum are three-digit FCRA-compliant credit scores that deliver a more predictive assessment with less correlation to existing tools on a higher percentage of new applications. RiskView Optics is driven by a combination of non-credit life events and alternative credit inquiry data, while RiskView Spectrum utilizes these insights in combination with traditional credit data.
RiskView Optics and RiskView Spectrum typically score over 90% of applicants without a traditional credit score, and with a degree of predictive strength unheard of in the evaluation of credit invisibles.
RiskView Optics and RiskView Spectrum are able to find signification portions of near-prime and prime applications who are under- or over-estimated by traditional credit scores alone. As a result, lenders can craft precision offers that maximize acceptance rates while reducing risk exposure.
Both scores deliver clear risk separation of consumers on critical decision margins, enabling lenders to boost approval rates without increasing loss rates.
No credit score can add value if it is unable to stand up to the rigors of modern-day compliance and regulatory scrutiny. RiskView Optics and RIskView Spectrum are purpose-built with these demands in mind, including rigorous policies on data accuracy and detailed on-demand model documentation backed by the support of robust consumer disclosure and investigation processes.
RiskView Optics and RiskView Spectrum deliver powerful credit assessments for nearly every U.S. consumer that can be integrated with traditional credit scores to uncover hidden opportunities and overlooked risks. RiskView Optics and RiskView Spectrum:
- Offer three-digit FCRA-compliant credit scores
- Combine alternative credit inquiries and non-credit event insights; RiskView Spectrum™ adds tradeline data
- Provide critical insights that unlock refined credit decisions across the credit spectrum – from sub-prime to super-prime
- Evaluate 90% of “credit invisible” consumers without a traditional credit score
- Support a robust FCRA consumer disclosure and reinvestigation process
Want to know more? Call 408.200.5755.