Nov 22, 2010 Matt Vitko
Not long after the Dallas Cowboys unveiled the largest HD 1080p video screen in the world, buzz from those who had a chance to see the video display in person described the quality to be so detailed that the Dallas cheerleaders had to wear panty hose to hide minute imperfections not noticeable to the naked eye
Just as HD broadcasting has dramatically improved the quality of television entertainment the use of bank account deposit and payment detail is changing the precision of predictive analytics in consumer credit. Credit bureau data traditionally used in building and fueling underwriting scorecards may as well be a nine inch black & white television display compared to the color and granular detail of bank account level data - no other data source is more telling.
Access to bank account data allows the model builder to accurately determine income amount and frequency. Highly relevant information missing from traditional bureaus like rent and utility payment history is readily available within bank account level data. Negative changes in payment patterns are visible long before ever appearing on a bureau report.
The list of new available data attributes continues, "are you ready for some football"!