Data provider, MicroBilt, improves decisioning tool for growing alternative credit marketplace
Feb 08, 2019 MicroBilt News
KENNESAW, Ga., Feb. 8, 2019 /PRNewswire/ -- Alternative credit data pioneer MicroBilt recently announced the launch of iPredict Advantage, the next iteration of its powerful automated decisioning tool for lenders.
Built on an improved algorithm that takes in traditional and proprietary alternative credit data, iPredict Advantage boasts +10% added predictive value over the original iPredict which was launched in 2000. Unlike conventional credit decisioning tools, iPredict Advantage also includes bankruptcies, liens, judgments and evictions data in its consumer assessment.
"By combining traditional credit reporting with our PRBC Alternative Credit database and civil records data, we're able to provide lenders with a more comprehensive picture of a consumer's creditworthiness," said Sean Albert, SVP/CMO at MicroBilt. "This delivers a win-win benefit. For the business, it often means opening the doors to customers they might have otherwise rejected due to thin traditional credit files. For consumers, it means access to the credit market where they didn't have it before."
iPredict Advantage factors in over 165 data attributes in calculating the potential risk of a loan applicant and returns a risk score, loan history, credit inquiry attributes, and consumer stability indicators. It is particularly relevant to the sub-prime lending space which has grown significantly in recent years and is increasingly vital to businesses and consumers.
"For people left out of the traditional credit market – for whatever reason - the use of alternative credit data such as their bill-paying habits and other known indicators of reliable financial management can often make the difference in being approved or denied for credit," notes Keith Goodnight, SVP/Product Development at MicroBilt.
MicroBilt has been a pioneer in consumer data and risk management services for nearly 40 years. Delivered through secure APIs and powerful web portals, the company provides a broad array of traditional and proprietary alternative credit data enabling companies and consumers to do business where they couldn't before. Backed by an exceptional service team, MicroBilt is committed to providing solutions that connect companies to the customers who want to do business with them.