CoreLogic subsidiary Teletrack Inc., Norcross, Ga., introduced LendOptix, a risk valuation tool that offers borrower payment risk scoring based on credit performance data from Teletrack and other credit reporting databases.
As the nontraditional lending market evolves, demand for more sophisticated risk management tools will grow, says CoreLogic Teletrack president Dale Williams. Now online lenders search for tools that expedite lead assessment and allow them to evaluate the quality of the data and screen out fraudulent applicants “before they engage an applicant or evaluate credit.”
LendOptix scores aggregate nontraditional and traditional credit data and then follows with summary assessments of credit risk “specific to alternative credit products.”
LendOptix uses extensive data assets and market expertise to perform borrower risk or “lead data” evaluations.
To meet the needs of higher-risk nontraditional lending the system also provides identity, credit risk and lead quality valuations.
LendOptix scores offer nontraditional market data and analytics that help users manage identity risk, assess the potential value of leads and make informed lending decisions," said Williams.
In addition, Teletrack connects users to multiple external data services and scores, including traditional credit data and risk scores, public record data and historical bank account information.
Consumer reporting agency CoreLogic Teletrack provides access to nontraditional consumer credit data and a suite of credit risk and fraud prevention solutions.
