Mark Luber is hitting the ground running as the chief product officer for Equifax United States Information Solutions (USIS).
Just a few days after announcing he joined the company from Cox Automotive, Luber highlighted the newest tool from Equifax; the addition of industry-specific FICO score segmentation data to Equifax weekly U.S. national consumer credit trends reports.
With this integration, Equifax said it is the first organization to offer weekly, industry-specific FICO score segmentation reports to enable businesses across industries to better track anonymized consumer credit trends for potential risks and opportunities.
“Equifax weekly credit trends reports are a powerful example of the benefits of our unique blend of differentiated data, analytics and technology,” Luber said in a news release. “In challenging economic times, data-driven insights can inform decisions necessary to safely move businesses and consumers forward.
With the addition of FICO score segmentation views to our weekly reports, we are providing our business customers with the ability to access near real-time anonymized consumer metrics,” he continued. “Additionally, we are meeting customer demand with the most frequent and comprehensive lender reporting metrics in the industry.”
Credit trends reports utilize Equifax technology and analytics to link and track account-level credit data for the complete Equifax U.S. consumer credit database. Equifax explained the data is derived from trended, anonymous time-series credit data and showcase insights created on consumer trends, behaviors and credit performance across the country.
By adding FICO score segmentation views to weekly credit trends reports, Equifax emphasized that businesses can better anticipate consumer behavior changes as a result of COVID-19 and beyond. The data integration within both portfolio and originations reports can enable them to:
— View near real-time new account opening metrics, including average balance, average credit limit and risk score segmentation.
— Broadly track prime and subprime credit score trends nationally and compare national trends to their own portfolio performance.
— View average prime and subprime FICO scores for new account openings across the U.S. to broadly track risk by product.
— Understand the score profiles of consumers who have outstanding balances or who may be delinquent on account payments.
Officials said FICO score segmentation will be added to the Equifax U.S. National Consumer Credit Trend reports this month.