- Posted by Laurie Anderson
- On May 18, 2017
Alternative credit data provider FactorTrust and 700Credit, which offers credit reports, compliance solutions and prescreen products, finalized an alliance this week to provide buy-here, pay-here dealers with access to alternative credit information for potential customers who have thin credit files or are underbanked.
The companies pointed out that many customers who lack the traditional loan tradelines such as credit cards and mortgages still have verifiable payment histories through transactions such as short-term or installment loans, credit and pre-paid cards, non-prime automotive loans, retailers, wireless services and collection agencies. FactorTrust can provides unique credit data that incorporates these alternative credit sources that are not reported by the Big 3 credit bureaus.
“Relying entirely on traditional data sources does not provide the complete picture of consumers with credit scores under 700,” FactorTrust chief executive officer Greg Rable said. “Combining alternative credit data with traditional credit data gives a comprehensive overview of a consumer.
“As a result, lenders unearth creditworthy prospects that are not surfacing via traditional credit sources. Subsequently, consumers are evaluated by the whole of their financial decisions — not just a snippet,” Rable added.
Read full story, reposted from Auto Remarketing