Verification July 08, 2024

Smarter and Quicker Lending Decisions With Equifax and Amount

Equifax and Amount webinar highlights the use of alternative data to make smarter lending decisions in today's economy. Lenders can leverage The Work Number® for real-time access to verified income and employment data.

The lending landscape is hyper-competitive, and consumers expect quick and smart loan decisions. To help lenders navigate this challenging environment, Fintech Nexus hosted a webinar featuring experts from Equifax Workforce Solutions and Amount, a digital origination and decisioning platform.

Economic Challenges Facing Consumers

The webinar acknowledged the economic pressures on consumers, including student loan repayments, inflation, and high credit card balances. These factors impact consumer cash flow and spending habits, making it crucial for lenders to find innovative ways to grow their businesses responsibly.

The Power of Alternative Data

Traditional credit scores may not provide a complete picture of an applicant's financial profile. Equifax offers alternative data sets, such as digital identity, asset verification, and telecom payment activity, to help lenders gain deeper insights. This is particularly beneficial for thin-file or no-file applicants, including young professionals and newcomers to the country.

The Work Number®: A Key Tool for Lenders

The Work Number, with its vast database of employer-provided income and employment records, plays a vital role in helping lenders make informed decisions. It offers real-time API access, allowing lenders to quickly verify applicant information without added friction. This streamlines the loan decisioning process and reduces the risk of fraud.

Benefits of the Equifax and Amount Partnership

The partnership between Equifax and Amount simplifies the adoption of alternative data for lenders. Lenders utilizing Amount's platform can easily access the Work Number data through a pre-existing integration, reducing the technological burden and providing peace of mind.

Key Takeaways

  • The economic challenges facing consumers highlight the need for smarter lending decisions.

  • Alternative data sets, including The Work Number, offer valuable insights into applicant financial profiles.

  • Real-time access to employer-provided-income and employment data streamlines the loan decisioning process.

  • Partnerships between data providers and decisioning platforms simplify the adoption of alternative data for lenders.

By leveraging alternative data and innovative technologies, lenders can make quicker, smarter, and more confident lending decisions, even in a challenging economic environment.

Watch the full webinar, “Innovations for Smarter and Quicker Lending Decisions.”