Alternative Data: Predictive Data in Modern Lending

Revelar is a cutting-edge solution that analyzes a lender's existing data to identify untapped potential. By utilizing alternative data, this tool reduces financial volatility and mitigates risks, leading to the creation of new revenue streams. Key features include:

Enhanced Approvals: Expands the pool of credit-qualified candidates within the existing database.
Cost Reduction: Lowers the cost of acquisition by identifying viable candidates from current data.
Seamless Integration: Implements a secure solution that integrates into existing environments.
Data Value Optimization: Transforms existing data into valuable insights with reduced risk.

Furnisher Data Accuracy

Ensuring the accuracy of reported data is crucial for maintaining customer trust and regulatory compliance. This solution focuses on analyzing and rectifying reporting data to prevent inaccuracies before they reach credit bureaus. Benefits include:

Time Efficiency: Reduces time spent correcting reporting errors by intercepting inaccuracies early.
Customer Satisfaction: Enhances customer trust and satisfaction by minimizing errors in reported data.
Operational Improvement: Boosts operational efficiency by decreasing the need for backtracking and corrections.

Actionable Credit Monitoring

Traditional credit monitoring services often provide passive information without actionable insights. TrackStar AI's credit monitoring solution transforms this by detecting potential errors in credit reports and offering proactive measures. Features include:

Personalized Engagement: Reinvigorates customers by introducing credit error detection capabilities.
Transparency: Offers users clear insights into potential inaccuracies in their credit reports.
Proactive Management: Empowers consumers to take control of their financial health by addressing errors promptly.

Outreach Marketing with Healthy Credit Messaging

Effective communication is key to engaging customers and promoting financial health. This solution utilizes insights from Revelar to craft targeted outreach campaigns. Benefits include:

Customer Reactivation: Engages dormant customers through personalized messaging.
Educational Initiatives: Promotes awareness about credit health, encouraging consumers address inaccuracies.
Competitive Advantage: Utilizes predictive insights to create unique selling propositions, differentiating the institution in the marketplace.

FCRA Compliance and Liability Mitigation

Navigating the complexities of the Fair Credit Reporting Act (FCRA) is a significant concern for financial institutions. Our solution aids in identifying and correcting credit errors before they escalate into legal issues. Key aspects include:

Early Detection: Identifies inaccuracies in credit reporting early, preventing potential FCRA violations.
Cost Avoidance: Mitigates financial risks with legal fines and litigation costs from non-compliance.
Regulatory Assurance: Ensures adherence to reporting standards, reducing regulatory scrutiny.

The proof is in the data.

**Findings from two national online surveys Experian conducted regarding alternative scoring and the use of alternative data for lending.

Alternative Data is big business.

"Take alternative data seriously. The old way of evaluating personal credit is not going to work in 2021. Risk models need to adapt, and marketing lenders need to use alternative data to manage this. FICO is now revising their scoring to weigh the impact a personal loan has on a credit score, as a result of the sheer popularity of personal loans—which have led to easy approvals, funding (thanks to the rise of fintech lenders), and too many consolidation loans. FICO is now using an alt data category called “trending data” to track (and score) how well a consumer manages debt levels across all accounts."

American Banker, March 2021

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TrackStar AI in the News

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