News & Resources

MicroBilt's alternative credit bureau launches new loan scoring product based on verified banking data

Apr 04, 2019 MicroBilt News

MicroBilt's alternative credit bureau launches new loan scoring product based on verified banking data

KENNESAW, Ga., April 4, 2019 /PRNewswire/ -- MicroBilt, a 40-year leader in data services for risk management, announced today the launch of Bank Account Verify Advantage (BAV Advantage). The new product uses verified bank data to assist lenders in scoring loan applicants.

BAV Advantage looks across a proprietary database of over 150 million consumer records and 1.5 billion ACH and check transactions to deliver a full 360 degree view of a consumer's loan and bank performance history – including loans associated with that bank - based on a submitted account and routing number.

"BAV Advantage uses an algorithm to assess an individual across a multitude of data points including risk factors associated with financial institutions. The product returns a score on the same scale – and with the same implied meaning – as a traditional credit score," said Sean Albert at MicroBilt.

In addition to the score, the report returns data to both inform the decisioning process and protect the lender from fraud.

"We match the account number to the bank's formatting. We match the routing number to the bank. We confirm the submitted name matches the account name," said Albert at MicroBilt.

Additional data returned include the current status of the bank account, verification of ability to receive ACH transactions, a 36-month history of MICR and loan transactions, and flags for risk factors that might impact the ability to repay a loan.

Keith Goodnight at MicroBilt explained the inspiration for the new offering. "We designed BAV Advantage for the sub-prime market. With BAV Advantage lenders can look at the individual's banking behavior, at how they historically handle money. It gives them actionable data sources where they may not have had them before. It also gives a fair shake to people who might not have a traditional credit score."

About 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.