DataX Ltd's Credit Reporting Agency (CRA) is an online solution for the payday and specialty consumer lending industry. To help lenders engaged in servicing this market segment, DataX's CRA provides a level of detail and accuracy that has previously not been available to those servicing this consumer group.
Industry's Most Advanced Credit Reporting for Micro Lending & Specialty Finance
DataX has created a service that combines its industry leading data validation and identity verification service with accurate and detailed consumer credit reporting. The end to end service ensures that the focus is on the entire transaction life cycle from loan application purchase decisions that enhance conversions, through to underwriting and collections decision support, using advanced credit information and skip trace data.
In an industry where a high percentage of customers apply for multiple loans that end up in collections or are reported as "charge off," the survival time to default is critical to delivering accurate data that can be factored into the lenders' decisioning model. DataX therefore collects a daily update of loans funded and detailed payment history, including the Automated Clearing House (ACH) return data. This provides lenders with advance warning of NSF activity and reduces the incidence of bad loans to consumers that have exhibited poor payment performance in the past or those engaged in fraudulent activities. By capturing data for the entire consumer transaction, DataX can provide comprehensive reporting that more accurately portrays a consumer's loan performance, including more opportunities to report positive credit on the consumer. This can also benefit the consumer, but developing a positive credit history.
A complete credit picture is required to make responsible lending decisions. Consumers with previously reported charge off loans may in reality be very good customers. Listing only their ultimate status as "charge off", can be used out of context, when the number and frequency of their successful payments may be an indicator of good performance. Therefore, DataX reports complete payment history to more accurately define "charge off," and establish a complete detailed credit picture for the lender.