Experian, a global firm focused on data and technology, announced the Experian Credit + Cashflow Score. The model combines Experian’s credit, alternative and trended data, and consumer-permissioned banking information into a “singular score.”
Scott Brown, Group President, Financial and Marketing Services for Experian North America said that leveraging Experian’s data with information about how a consumer is “managing their finances through open banking is the future of underwriting.”
Brown added that their expertise and commitment to product development make Experian capable of helping clients “rethink what’s possible — driving better consumer outcomes, expanding access to credit and bringing financial power to all.”
The Experian Credit + Cashflow Score is the credit decisioning model released by the company and a “positive milestone in Experian’s mission to help increase fair access to credit.”
The model integrates Experian’s data assets, including:
- Consumer-permissioned bank account data, including income, balances, card payments, bank fees and loan transactions.
- Credit data, detailed credit account information on more than 220 million U.S. consumers.
- Clarity Services data, the nation’s largest alternative credit bureau, expanding visibility into tens of millions of consumers who use nontraditional financial services and may otherwise lack traditional credit histories.
- Trended data, providing a 24-month view of how consumers manage credit over time.
- Performance across all credit products
Analysis indicates that the Experian Credit + Cashflow Score outperforms conventional credit scores and cashflow-only scores across lending products, such as “personal loans, lines of credit, bankcards and mortgages — improving predictive accuracy by over 40% when compared to conventional credit models.”
The Experian Credit + Cashflow Score builds on Experian’s suite of credit solutions, “including Experian’s Cashflow Score, Cashflow Attributes and the company’s interactive cash flow insights dashboards.”
The score ranges from 300 to 850 and will be available “to make decisions across the entire financial lifecycle.”
Lenders can gain early access to Experian’s new score for “testing through custom analytics, archives or through the award-winning Experian Ascend Platform.”
As covered, Experian is a data and tech firm, enabling opportunities for people and businesses across the globe.
They help to redefine lending practices, “uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain insights into the automotive market, all using their combination of data, analytics and software.”
They also assist people with realizing their financial goals and “help them to save time and money.”
They operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and other industry segments.
They claim to invest in talented professionals as well as various advanced technologies to harness the transformative power of insightful data.
As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), they have a team of 25,200 professionals working across 32 different countries.
Their corporate headquarters are currently based in Dublin, Ireland.