Credit Reporting Agency (CRA)
Compared with traditional credit customers, subprime borrowers represent a greater challenge to lenders. In an environment where a high percentage of customers end up in collections or have their loans charged off, who is likely to default – and who offers a lucrative opportunity? Informed lending decisions depend on predictive data that accurately defines the risk associated with a potential borrower. Yet traditional credit bureaus can only provide a one-dimensional view of this consumer – the eventual disposition of the loan. That’s where the DataX credit reporting agency is unique: We provide the crucial intelligence you need to make smart business decisions.
With the DataX Credit Reporting Agency (CRA), you gain access to the industry’s most comprehensive repository of information on subprime borrowers. We process more subprime lending transactions daily than any other single provider within the business and financial services sector. By leveraging data from payday loans, installment loans, subprime credit cards and other sources of nontraditional credit information, we equip our agency members to mitigate the risk inherent in subprime lending.
Real-time intelligence to identify your riskiest – and best – prospects
Our data extends well beyond traditional reporting standards to supply unparalleled transaction detail. Unlike other reporting agencies that report only the funded loan amount and ultimate status, DataX provides detailed transaction-based payment history, including Automated Clearing House (ACH) return data. Availability of payment trend data gives you a clear advantage prior to funding: the ability to make lending decisions in line with your risk parameters.
This in-depth, multidimensional view of the subprime borrower reduces the risk of funding loans to consumers who are currently exhibiting poor payment performance or who are engaged in fraudulent activities. Conversely, consumers with previously reported charged-off loans may actually be good customers. With access to the number and frequency of their successful payments as an indicator of good performance, you can identify the customers most likely to fulfill their loan obligations.
The payment detail section of the DataX CRA report alerts you to an underperforming consumer prior to a reported charge-off, reducing the risk of funding an over-extended consumer. Further, our real-time transaction detail minimizes lag time in reporting, so you always have access to the most accurate, comprehensive information available.
Unequalled insights to inform and empower your credit decisions
The DataX CRA is a true cooperative reporting agency: Our lender members supply and draw upon real-time transaction-based reporting that is unavailable through any other bureau. The seamless exchange of data starts with the initial credit check and spans the life of the loan. This two-way reporting process strengthens the accuracy and precision of the data, mitigates future risk and optimizes subsequent decisioning.
For more information please contact us.