- Posted by Laurie Anderson
- On October 24, 2017
- alternative credit data, credit monitoring, FactorTrust, fraud
Subscription services may now include alerts of suspicious activities found in alternative credit data
ATLANTA—FactorTrust®, the Alternative Credit Bureau™, today announced the launch of FactorTrust Credit Monitoring, a service that monitors activity within the FactorTrust credit file. This new service allows for monitoring of alternative credit activity and is intended to be a valuable addition to existing consumer credit services focused on traditional credit activity.
The new service fills a void in the market by monitoring alternative credit activity that is not represented in the traditional credit bureaus. In addition to monitoring activity for consumers with existing FactorTrust credit files, it is able to identify new consumers as they’re added to FactorTrust’s credit file. For both new and existing consumers, credit activity can be identified and those consumers may be alerted to that fact to ensure it’s not due to fraudulent activity.
“The fact that an alternative finance loan resulting from fraudulent activity would not previously show up in traditional credit monitoring subscription services is deeply concerning,” said FactorTrust’s Vice President of Strategic Initiatives Megan Strub. “This new service was created to serve this need for providers, and in turn offers consumers with more complete identity protection.”
FactorTrust’s Credit Monitoring monitors the FactorTrust credit file for certain events and changes in credit data to identify potential identity theft as well as changes to an individual consumer’s credit file, which could impact their creditworthiness. These alerts can be generated on a daily basis (batch) or in real-time. The alert delivery service is available to the third parties so they can notify consumers enrolled in their consumer credit services.
“Our credit monitoring of consumer data resolves the issue of incomplete information from credit bureaus that only monitor traditional data,” said FactorTrust CEO Greg Rable. “The value in FactorTrust’s credit monitoring is that it expands the universe of protection to include real-time loans from alternative financial service providers, enabling a larger safety net and allowing consumers to take immediate action to resolve potential issues.”
FactorTrust has long-provided alternative credit data, analytics and risk scoring information that lenders need to make informed decisions about consumers. It is differentiated from the Big 3 bureaus by its collection of unique, behavioral and transactional data points it captures on tens of millions of consumers that go untapped by traditional sources.
FactorTrust, the Alternative Credit Bureau, is relentlessly dedicated to proven analytics and clean credit information that provide lenders & financial service providers opportunities to grow more revenue, meet compliance regulations and serve more consumers with more credit options. At the core of FactorTrust is alternative credit data analytics and risk scoring solutions not available from the Big 3 bureaus. FactorTrust Alternative Credit Data and Analytics accurately predicts risk and the ability to repay near and non-prime consumer loans in real-time. The company’s solutions enable financial service companies an opportunity to uncover creditworthy prospects that are not surfacing via traditional credit sources. Headquartered in Atlanta, the experienced FactorTrust team has delivered unique data and valuable insight to U.S. lenders for more than 10 years. For more information on the quarterly FactorTrust Underbanked Index or the company itself, visit www.factortrust.com. @FactorTrust
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