At FactorTrust, underbanked consumer data is the foundation of our business. Underbanked consumers are individuals using or exploring alternative financial service (AFS) providers for their transactions while having a checking or savings account with a traditional bank. These consumers are a misunderstood group. Being underbanked does not necessarily mean that they are a credit risk. They may simply be in transition, such as a college student or an immigrant and we have more than 500 fields of data helping lenders better understand them.
We currently have more than 200 million proprietary transaction records on this market that are not available anywhere else. This data is rapidly growing and updated in real-time. In addition to our own data, we integrate relevant and timely information from third party sources so you have access to more than 99 percent of underbanked consumers.
Hundreds of lenders to the underbanked access our data and report back to us on the loan performance of their portfolios in real-time. Our online process assures that the data reported is up-to-date and complete. In addition to loan performance, since 2005 we have also collected loan inquiries, employment data, payment data and data that relates to understanding the stability of these consumers. Every underbanked consumer we have in our file is tied to at least one banking relationship and at least one alternative lending service (AFS). The volume of unique consumers and loan transaction records continues to increase.
FactorTrust utilizes the industry’s largest providers of both public and private records on alternative data. This data is collected from government and institutional sources and is accessed via third-party aggregators. Additional intelligence comes from access to public records, sanctions and identity-related information. Information from these sources not only augments our proprietary data, but allows us to score anyone.