Equifax announced the availability of Equifax Dimensions, a new product created to deliver more in-depth picture of past credit behavior to predict future trends.
Users of the new solution can see up to two years’ worth of detailed consumer credit activity, allowing them to make more precise lending decisions.
Equifax Dimensions analyzes hundreds of payment characteristics to identify consumer patterns, enabling lenders and service providers to identify which consumers are most likely to open accounts, predict how much and where consumers are likely to spend, predict capacity to incur additional debt while staying current, and determine the “breaking point” of spend that will lead to default.
“Equifax is constantly utilizing deeper, more meaningful analytics so that we can provide innovative solutions designed specifically to meet our customers’ needs,” said John Cullerton, SVP of product innovation and management for the Atlanta-based company. “This new product is an example of one of those solutions-and a simple way to help our customers increase their bottom line, while still effectively taking care of the consumer.
By Tori Barringer