Equifax has introduced Equifax Dimensions,
Lenders can access “detailed consumer credit activity” from up to two years back and analyze hundreds of detailed payment characteristics that help identify consumer patterns by industry and account type.
Equifax Dimensions offers “a window to look further into consumer credit trends” that improves lending decisions, said John Cullerton, SVP product innovation and management, in line with Equifax’s goal to constantly implement more meaningful analytics.
It provides access to 24 months of consumer balance, payment and credit utilization data as they make mortgage loan origination, servicing and acquisition decision.
Lenders can identify which consumers are most likely to open accounts, predict how much and where they are likely to spend, increase credit lines and risk to default, determine a borrower’s spending-saving patterns and “against certain factors,” or predict capacity to incur additional debt while staying current, determine breaking points that lead to default, and “valuate credit risk to better preempt default and/or bankruptcy.”
