It is now possible for financing companies and lenders to exceed a standard credit report. This helps to better manage risk and identify consumers with low intention to repay. Alternative data is a great solution when working with the subprime and no credit market.
With Soft Pull Solutions, you’ll get access to alternative data for a fuller report and better picture to understand potential risks.
Most industries view FICO and vantage credit scores when determining if a customer is high-risk or desirable for their business. However, there is now additional data that often does not get shown in a “standard credit report”. Using additional data helps financing companies better determine which individuals they can lend to with confidence.
To make a financial decision on an applicant, you can rely on alternative data to see the consumer's financial stability and prospects' ability to pay back loans. This helps lenders gain more insight when working with poor credit and consumers in the subprime market.