ATLANTA--(BUSINESS WIRE)--FactorTrust, the alternative credit bureau, announces a partnership with Equifax to provide its customers with an improved view of consumers’ ability to repay (ATR). The collaboration blends data from the fastest-growing alternative credit bureau with traditional credit data from the nation’s largest credit reporting agency. As a result, lenders will have access to the comprehensive credit profiles needed to assess an underbanked consumer’s residual income and comply with forthcoming regulations regarding a consumer’s ability to repay personal loans.
FactorTrust’s Ability to Repay product, LendProtect ATR, provides lenders, such as installment and consumer goods financing companies, with a robust solution which accelerates their ability to add the information and tools needed to meet the CFPB’s anticipated ATR underwriting requirements. The flexible platform simplifies integration of core data sets such as existing credit obligations from FactorTrust and Equifax with validated income and living expense data to calculate residual income, a key component of the CFPB’s proposed rulemaking. In addition, the platform helps lenders to manage compliance, reporting and maintain data on underwriting decisions.
“We are committed to continually improving our solutions with quality data that helps our customers. Our partnership with Equifax not only benefits lenders, but also borrowers,” says Greg Rable, FactorTrust CEO. “It’s important that everyone have access to financial services when needed, and it is important for lenders to make the most informed decisions possible when offering loans to consumers.
LendProtect ATR will include new predictive data attributes and scores. These components will capture borrowing capacity, debt-to-income ratio and other measures related to a consumer’s ability to repay in order to enable improved credit risk management. Lenders will now have more insight into a consumer’s credit history, enabling the lender to offer smart, profitable lending solutions with confidence.
About FactorTrust
FactorTrust, The Alternative Credit Bureau, helps lenders manage the credit lifecycle of underbanked consumers using unique alternative credit information not available from the Big Three bureaus, enabling them to offer non-prime consumers the credit they deserve. Nearly 100 million U.S. adults have non-prime scores. Leveraging the company’s credit information, lenders can more accurately predict future borrowing behavior, credit performance and risk scoring for this growing segment. 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 nearly 10 years. For more information on the quarterly FactorTrust Underbanked Index or the company itself, visit www.FactorTrust.com.
About Equifax
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500(R) Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2015, Forbes named Equifax one of the World's 100 Most Innovative companies; Bloomberg BusinessWeek nominated it as one of its Top 50 companies; its CIO was named one of the top 100 by CIO magazine; the company ranked 13(th) in the Fintech 100 list; and it was recognized as a top 20 company to work for by the Atlanta Journal-Constitution and was named a 2015 InformationWeek Elite 100 Winner. For more information, please visit www.equifax.com.
