SAN DIEGO, April 24, 2013 /PRNewswire/ -- ID Analytics®, a leader in consumer risk management, announced today the newest version of Credit Optics™, a credit score designed to give organizations a more complete picture of consumer behavior and creditworthiness and enable more accurate lending decisions across the customer lifecycle. By combining the power of traditional and alternative data, Credit Optics helps organizations make optimal credit decisions and avoid risk. As an FCRA-compliant credit score, it provides a highly accurate and complete assessment of an individual's creditworthiness and is shown to increase new bookings by up to 25%, while keeping bad accounts in check. Credit Optics is designed to function as both a stand-alone credit score or as a "plus one" score to enhance the power of existing credit scores.
Traditional credit scores provide only a partial view of consumer behavior and its associated risk. The latest version of Credit Optics improves the traditional credit decisioning process by leveraging new cross-industry event and performance data found in ID Analytics' ID Network®, one of the nation's largest networks of real-time, cross-industry consumer behavioral information. The ID Network provides deeper insight from data not typically analyzed when calculating a traditional credit score, including transaction data from wireless, cable and utility accounts; payday and subprime lending; alternative billing methods; and checking accounts.
"By combining traditional and alternative data with our patented credit analytics, Credit Optics delivers a more accurate assessment of credit risk than traditional credit scores alone," said Patrick Reemts, director of Credit Risk Solutions at ID Analytics. "As businesses evaluate the most efficient way to control growth across their organizations in today's new lending environment, Credit Optics can transform the way financial services, telecommunications and automotive companies make credit decisions by improving their margin of insight."
Key Credit Optics benefits include:
- Improve Credit Risk Performance—Credit Optics' unique insight can be used to apply greater scrutiny to both existing customer portfolios and new accounts to increase account bookings.
- Manage the Entire Credit Spectrum—Credit Optics enables organizations to expand their share of the consumer market by more accurately assessing more credit-active consumers in the U.S., including thin files and no hits, or profitable consumers lacking established credit histories.
- Gain Up-to-the-Minute Visibility—Unlike solutions driven by public record data which can run weeks or months behind, Credit Optics leverages the real-time activity of the ID Network to get the most timely perspective on consumer behavior.
"As companies look for more targeted ways to deliver competitive offers for credit and services, they are also beginning to seek out new ways to evaluate the risk associated with consumers," said Craig Focardi, senior research director at CEB TowerGroup. "Cross-industry event and behavioral data provide new analytics insights on consumer behavior that gives lenders the potential to deliver smarter, more targeted offers to new and existing customers."
ID Analytics' Credit Optics is available today and can be deployed as a stand-alone solution or easily implemented into any existing credit lending program. Companies with an interest in enhancing their credit decisions should contact firstname.lastname@example.org.
For more information about Credit Optics, request the ID Analytics white paper, "Harnessing Traditional and Alternative Credit Data: Credit Optics 5.0," by visiting http://www.idanalytics.com/solutions/white-papers/
To see how the latest version of Credit Optics can help organizations make more accurate lending decisions visit: http://www.youtube.com/watch?v=Wor9pQKMamU&feature=player_embedded
About ID Analytics, Inc.
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation's largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. Please visit us at www.idanalytics.com.
ID Analytics and ID Network are registered trademarks of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.
SOURCE ID Analytics