It’s only fair. How Explainable AI is transforming compliance

Posted on December 12, 2019

Alternative Data Compliance Graphic

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Tags: Machine Learning, lending, AI Lift, Accelitas, credit risk management, Artificial Intelligence, linear model, interpretable results, Alternative Data, Credit Risk Web Service, Credit Risk, Adverse Actions, credit screening, Explainable AI, predictive analytics, CFPB, near prime, FCRA Compliant, Credit Reporting, Credit Reporting Agency, credit decisions, compliance, AI-Powered Analytics

Giving traditional credit scores a serious turbo charge

Posted on November 12, 2019
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Tags: Machine Learning, lending, AI Lift, Accelitas, Artificial Intelligence, linear model, interpretable results, Credit Risk Web Service, Credit Risk, Adverse Actions, Credit Scores, credit screening, Explainable AI, predictive analytics, CFPB, near prime, FCRA, thin-file, un-scored, FCRA Compliant

AI Lift is giving credit risk a new angle.

Posted on October 8, 2019

AI-powered analytics "bend the curve" to reveal the creditworthy customers you've been missing.

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Tags: Machine Learning, lending, AI Lift, Accelitas, Artificial Intelligence, linear model, interpretable results, Credit Risk Web Service, Credit Risk, Adverse Actions, Explainable AI, predictive analytics, CFPB, near prime

It’s only fair. Predictive analytics is a win/win for both borrowers and lenders.

Posted on September 18, 2019

New CFPB study shows AI and machine learning can approve significantly more applications, while yielding lower average APRs; AI Lift proves itself twice as predictive as the competition

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Tags: Machine Learning, lending, AI Lift, Accelitas, Artificial Intelligence, linear model, interpretable results, Credit Risk Web Service, Credit Risk, Adverse Actions, Explainable AI, predictive analytics, CFPB, near prime, FCRA

How to weather the latest lending forecast: Let a Micro-Climate™ credit score guide you.

Posted on September 12, 2019

AI and alternative data transform credit risk, letting you focus precisely on the people you need to grow your business. 

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Tags: Machine Learning, lending, data waterfall, Artificial Intelligence, linear model, interpretable results, Alternative Data, Credit Risk Web Service, Credit Risk, Credit Scores, credit screening, predictive analytics, Alternative Lending, micro-climate score

What does traditional credit screening miss? Start with 70 million potential customers.

Posted on August 29, 2019

A new world of creditworthy customers are getting lost in the "invisible marketplace." Here's how our Credit Risk solution can help you find them.

They are the future of your business, the people who can help lenders reach aggressive sales goals in an increasingly tight credit market. They are 70 million strong and loaded with purchasing power. But according to traditional credit screening, they simply don’t exist. 

The fact is, as many of 30% of adults in today’s credit market are virtually invisible to traditional screening methods. 

Those traditional scores were designed to assess traditional middle-class and upper-class consumers who purchased houses and cars and used credit cards frequently, building up extensive credit histories over time. It turns out Millennials and Generation Z consumers just don’t fit that pattern. The oldest Millennials are now nearly 40 years old, but only 15% of Millennials have purchased a house.[1] Many will take Uber rather than buy a car, and prefer Venmo over Visa, but millions of these thin-file, no-file digital natives are genuinely creditworthy and just waiting to be your good customer. 

It’s a big problem. And a massive opportunity. 

But finding new growth will require greater risk. As risk grows, lenders who rely on traditional scores will be forced to limit their lending, increase their risk of losses, or miss out on the growing population of younger borrowers.

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Tags: Machine Learning, lending, Artificial Intelligence, linear model, interpretable results, Alternative Data, Credit Risk, Credit Scores, credit screening, Millennials, Gen Z, Alternative Lending, Credit Invisible

No time to lose. In 2019, lenders simply have to be smarter.

Posted on August 21, 2019

Inadequate credit scores. Tightening Demand. Changing Demographics. Can businesses grow without raising risks?

 

Despite rising FICO scores, credit card charge-offs are increasing.

In the first quarter of 2019, charge-offs among card-issuers increased to the highest level in seven years, even while FICO scores rose overall. When credit scores rise along with charge-offs, it’s time for lenders to re-evaluate the scores they’re relying on for lending decisions.

 

FICO scores no longer reflect consumers’ ability to pay their debts.

Credit scores may have risen, but that doesn’t mean high-scoring borrowers are on firm financial footing. 40% of U.S. households would have trouble raising $400 to cover an emergency.  Additionally, Goldman Sachs and Moody’s Analytics recently claimed certain FICO credit scores have been artificially inflated over the past decade.

 

Credit card debt is worsening for young Americans 

Specifically, 8.05% of outstanding credit card debt among 18 - 29 borrowers was delinquent by at least 90 days.  If young consumers, whose scores weren’t affected by the Recession, are struggling to make payments now, how will they fare when interest rates rise or the economy falters? 

 

Demand for credit is declining even as credit risk increases.

It gets worse. At the same time that credit risks are increasing, demand for credit is falling. According to the New York Fed, credit inquiries in the last six months have fallen to historical lows. 

 

Finding new growth will require greater risk

As risk grows, lenders who rely on traditional scores will be forced to limit their lending, increase their risk of losses, or miss out on the growing population of younger borrowers.

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Tags: lending, Financial Services, AI Lift, Accelitas, Artificial Intelligence

4 Ways that Alternative Data Can Help You Lift Your 2019 Growth Goals

Posted on March 21, 2019


The lending market can always benefit from a new technological tailwind. And while there’s been a lot written about AI, the real fuel that’s driving the tailwind is alternative data. In this blog, we discuss four ways alternative data is transforming the lending market and propelling lenders to sustainable financial success in the face of market uncertainty.

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Tags: AI Lift, Alternative Data, KNOW Conference

 

 

 

 

 

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