Companies of all industries and sizes are finding new and innovative ways to use consumer credit
data to advance and protect their business prospects.
For example, a study conducted for the insurance industry recently used consumer credit data to predict customer behavior, Media Post reports. It found that individuals with "very poor" credit are nearly three times more likely to seek out a firm than those with "excellent" credit scores. Additionally, it found that credit data can reveal which consumers are likely to convert to a new insurance provider. Those individuals who are hesitant about providing personal information or are unsure of their credit scores are less likely to convert. But these findings can also be used in other industry sectors. "For example, marketers in the higher education sector should know that married people are two times more likely to enroll in a higher education program than divorcees," the study is quoted by Media Post as stating. "Apple Mac users are 45 percent more likely to further their education than PC-users." The results of the study are part of a recent trend to expand businesses' and creditors' uses and understanding of credit scores, including how they can prevent fraud and how they are constructed.