700Credit, LLC, to Partner with FactorTrust® to Provide Access to Predictive Alternative Data Sources
SOUTHFIELD, Mich., May 18, 2017 /PRNewswire/ -- 700Credit, the auto industry's leader in providing credit reports, compliance solutions and prescreen products, today announced an alliance with FactorTrust to provide auto dealers with access to alternative credit information for potential customers who have thin credit files or are underbanked.
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 provides unique credit data that incorporates these alternative credit sources that are not reported by the Big 3 credit bureaus.
"There is a growing need in the auto industry to provide predictive alternative data sources for potential customers that might have gaps in traditional credit information," said Ken Hill, Managing Director of 700Credit. "FactorTrust provides information that can help auto dealers qualify more customers and increase conversion rates. Providing access to alternative forms of payment history is a win-win for both dealer and consumer."
The alternative payment information is particularly valuable to dealers who provide "Buy Here, Pay Here" financing. These dealers typically cater to consumers considered non-prime or underbanked. Providing alternative sources of payment histories in consumer credit reports can make the difference in a successful sale.
"Relying entirely on traditional data sources does not provide the complete picture of consumers with credit scores under 700," said FactorTrust CEO Greg Rable. "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."
To learn more about 700Credit, please visit www.700Credit.com.
To learn more about FactorTrust, please visit www.factortrust.com.
About 700Credit
700Credit is the automotive industry's leading solution for credit reports, compliance products and prescreen services. The company's product and service offering includes credit reports, prescreen services, OFAC compliance, Red Flag solutions, score disclosure notices, adverse action notices and more. 700Credit exists to provide its clients with the highest quality data in a compliant framework in the most time efficient manner possible. For more information about 700Credit, visit www.700credit.com.
About FactorTrust
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.
700Credit, LLC
27777 Franklin Road, Ste. 1850
Southfield, MI 48034
Media Contact
Susan Burke
[email protected]
(616) 240-9853
SOURCE 700Credit
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