ATLANTA, Jan. 23, 2014 /PRNewswire/ -- ApproveData (www.approvedata.com) announced today a new FCRA-compliant prescreen service for lenders using proprietary data from non-prime financial services.
ApproveData, a prescreen processing provider, accesses tradeline information on underserved consumers from lenders that do not typically report to the large, traditional credit bureaus. Contributing lenders update their borrowers' credit information in real-time or daily versus monthly or quarterly in the case of most bureaus.
The solution uses over 400 attributes and scores that enable lenders to present credit-deserving prospects with preapproved offers while offering emerging consumers greater access to credit.
"Lenders are looking for new products and markets to improve their bottom line while 50+ million underserved consumers are trying to build their credit, but lack the proof they are creditworthy," said Paula Green, Director of Business Development for ApproveData. "Rather than turn their back on this segment, ApproveData helps to identify new potential customers that will be more likely to respond to targeted preapproved offers."
ApproveData's services, accessed through a batch process or a web-based self-service platform, allows lenders to target prospects based on:
- Tradeline data on non-prime, underserved consumers
- Public records
- Risk and other scores
- Geographic selects
ApproveData is a leading prescreen processing provider that accesses credit information on underserved consumers in order to qualify prospects for preapproved offers. Using over 400 attributes and scores, lenders can more efficiently target the right prospects with the right product. Our prescreen solutions leverage tradeline data from industries including consumer finance, non-prime auto, rent to own and non-prime credit cards.