Equifax has released Equifax Dimensions, a solution that delivers a picture of past credit behavior to better predict future credit trends. The solution allows lenders to see up to two years’ worth of detailed consumer credit activity, resulting in better lending decisions.
Equifax says Dimensions analyzes hundreds of detailed payment characteristics to identify consumer patterns by industry and account type. Users can access 24 months of consumer balance, payment and credit usage data to differentiate behaviors.
Dimensions has a direct impact on lenders’ and service providers’ acquisition, origination, account management and analytics strategies. This enables them to identify the consumers who are most likely to open accounts; predict how much and where consumers are likely to spend; and create an indicator for credit line increases.
Dimensions also helps lenders and service providers to determine ratio of spend against certain factors, like balance or payment; identify propensity of a consumer to accept a balance transfer; predict capacity to incur additional debt while staying current; determine “breaking point” of spend that will lead to default; and evaluate credit risk to better preempt default and/or bankruptcy, Equifax adds.
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