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Alternative data sources can provide lenders a new way to stay on top of their auto portfolios. But not all alternative data sources are created equal. Take a look at some of the pros and cons to alternative data sources and what to watch out for before implementing a new process.
The Work Number recognizes the potential of alternative data while prioritizing consumer privacy and data security. Our Portfolio Review solution leverages employment and income data directly from employers that is updated each pay cycle. We also design our solutions to comply with all relevant regulatory requirements and adhere to strict ethical guidelines to help ensure fair and responsible lending practices.
By working with The Work Number, auto lenders can confidently embrace the benefits of alternative data while minimizing the associated risks. Our solutions empower lenders to make more informed, proactive decisions, potentially leading to reduced defaults, improved profitability, and stronger customer relationships.
Alternative data is reshaping the landscape of auto lending, offering lenders a wealth of insights to enhance risk assessment and drive growth. However, it’s essential to navigate this new frontier with caution, prioritizing data quality, privacy, and compliance. By leveraging trusted solutions like The Work Number’s Portfolio Review, lenders can harness the power of alternative data responsibly and unlock its full potential to help transform their lending practices.