Data-Driven Credit Line Increases: Fuel Growth and Mitigate Risk in a Changing Landscape

In the present economic landscape, consumers are increasingly seeking greater financial flexibility. Proactive credit line increases present a powerful tool for credit card issuers to meet this demand. However, traditional credit scoring models may not always provide the complete picture, especially for those with thin credit files or limited credit history. To help make confident decisions and optimize their credit line increase strategies, lenders need to leverage the power of data.

The Work Number®: A Streamlined Solution for Instant Verification

The Work Number offers a streamlined solution for instant income and employment verification, providing lenders with real-time insights directly from employers and payroll providers. This empowers you to help:

• Make informed decisions: Access verified data to assess creditworthiness accurately and confidently.
• Accelerate approvals: Automate verification processes to streamline credit line increase reviews and improve the customer experience.
• Identify growth opportunities: Prioritize  high-potential customers for proactive credit line increases, driving portfolio growth and enhancing customer loyalty.
• Manage risk effectively: Gain a deeper understanding of borrower financial capacity to minimize defaults and delinquencies.

Real-World Results

Lenders utilizing The Work Number for credit line increases have seen a 27% greater increase in their proactive programs compared to those who don't*. This highlights the tangible benefits of leveraging verified employment and income data for credit line decision-making.

The Need for a Holistic View

• Consumers want to be seen as more than just a three-digit credit score. Over 77 million consumers have thin credit files or are credit invisible**. Traditional credit decisioning models may overlook the fact that many of these consumers possess the income and employment stability that qualify them as good borrowers.
• Instant income and employment data can address key challenges:
• Consumers desire to be evaluated beyond their credit scores.
• A significant number of consumers have thin or no credit files.
• Credit issuers aim to acquire lifetime customers and must adapt to evolving consumer needs.
• Credit issuers need to comprehensively assess risk in the current economic climate.

Benefits of Leveraging The Work Number

• Improve lender confidence in credit decisions and credit line optimization
• Increase credit approvals across all credit bands
• Expedite the credit application process for a seamless borrower experience
• Enhance credit terms for credit card applicants
• Support credit portfolio growth

Download Our eBook, ‘Instant Income and Employment Verification: Value Throughout the Credit Lending Lifecycle’

In today's competitive landscape, data-driven decision-making is essential for success in credit card lending. By harnessing the power of The Work Number, you can optimize your credit line increase strategy, drive growth, and mitigate risk.:

Download our eBook, "Instant Income and Employment Verification: Value Throughout the Credit Card Lending Lifecycle," to learn more about how The Work Number can transform your credit line increase strategy.

*Equifax Internal Study of The Work Number Database and Equifax credit database. 
**Equifax data study, 2022

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