THE PROBLEM

The Challenge of Conventional Lending

Traditional credit scoring methods are failing to capture the financial potential of millions. According to TransUnion 2022 research, over 45 million Americans possessing thin or no credit files, lenders are missing out on significant opportunities. Standard assessments overlook key indicators of financial health, leading to increased risk, inefficiency, and underutilized portfolios. As a lender, you’re encountering outdated frameworks that limit your ability to make well-informed decisions

Consumer-permissioned bank data offers a more precise way to identify creditworthy individuals who might be overlooked in your current evaluations. It provides valuable insights that empower you to make informed decisions on “edge case” applications, allowing you to confidently approve or deny them.

Financial Accessibility (Inclusion)

With AxcessScore, consumers now have the opportunity to present a complete comprehensive picture of their financial situation and their capacity to manage their obligations. This enhanced visibility significantly boosts their chances of being approved for conventional loan products such as credit cards, personal loans, mortgages, and auto loans. It represents a crucial advancement in supporting individuals who have historically faced barriers in accessing financial services or are striving to enhance their financial well-being.

Innovative Predictive Ability

The enhanced predictive capabilities of AxcessScore present lenders with valuable opportunities to mitigate the risks associated with extending new credit lines. This advancement allows for continued lending growth among customers who may have previously been denied credit. This includes individuals who are not existing account holders, recent immigrants, or those who have traditionally shunned credit products but exhibit strong cash management skills.

The Solution

Lender Empowerment

The lender begins the initial process carefully and determines the most appropriate timing for presenting the AxcessScore and final offer to consumers.

Performance

Enhances predictive capabilities for thin credit files and individuals new to credit, enabling more accurate and informed lending decisions.

Instantaneous Lending Decisions

Unlike many other consumer-permissioned data solutions on the market, which can be slow and cumbersome for lending purposes, AxcessScore delivers a credit risk score in seconds after customer approval. This capability allows lenders to make swift, informed lending decisions in real-time.

Risk Mitigation

As delinquencies rise sharply among prime borrowers, lenders increasingly require the latest innovations in credit scoring to accurately evaluate credit risk. AxcessScore leverages bank data to identify trends in consumer distress several months ahead of credit file updates, which is essential amid today’s economic uncertainty.

Fraud Risk Management

Along with its enhanced predictive capabilities, incorporating consumer-permissioned bank account data into AxcessScore provides an additional layer of security against fraudulent loans.

FCRA Compliant

AxcessScore has an FCRA compliant process for the bank
account data, which allows the adjusted scores to go up &
down, including transparent reason coding for consumer
disclosures

Transformative Solutions with AI-Driven Precision

Revolutionize Your Lending with Unparalleled AI-Powered Credit Scoring

Lending with our state-of-the-art Alternative Credit Risk Scoring Model. By harnessing the power of advanced AI and machine learning, our platform revolutionizes risk assessments. We extract and analyze alternative data—(Bank Statements, utility payments, rental history, and spending patterns) —to offer a more holistic and precise credit risk profile. With pioneering algorithms marring machines to human verification, you can process massive datasets with lightning speed and remarkable accuracy to streamline your lending process.

  • Instant, AI-Driven Decisions: Unlock unparalleled efficiency, automating the decision-making process to provide instant, data-backed insights.
  • Human-AI Synergy: Combining AI’s power with human oversight for flawless data verification ensures high-standard accuracy.
  • Accelerated Loan Approvals: Dramatically reduce approval times with dynamic, real-time analysis of alternative data sources.
  • Fraud Mitigation: State-of-the-art fraud detection models minimize exposure, safeguarding your portfolio against potential losses.
  • Future-Proof Lending: Scalable, adaptable workflows designed to evolve with your business, ensuring you’re always ready for tomorrow’s challenges

Effortless Integration, Exponential Growth

Our solution integrates effortlessly into your existing systems, delivering real-time credit assessments and robust financial health reports. By simplifying cash flow evaluations and providing predictive loan limit recommendations, you can approve more borrowers while reducing risk exposure. The flexible, automated workflows eliminate manual bottlenecks, allowing your team to focus on what matters most: serving customers and growing your business.

  • Expand Borrower Pool: Leverage alternative data to extend credit to underserved populations and increase approvals.
  • Maximize Efficiency: Drive efficiency across the board with automated decision- making and streamlined operations.
  • Strengthen Risk Management: Reduce default rates by gaining granular insights into each borrower’s financial behavior.
  • Boost Compliance: Ensure audit-ready accuracy with every transaction, meeting and exceeding regulatory standards.

Use Data to Drive Better Lending Outcomes

By incorporating AI-based risk modeling and alternative data sources, your lending decisions become more precise and informed. Our platform’s data-driven insights help you reduce fraud risk, improve portfolio performance, and increase revenue. Machine learning algorithms analyze applicant data instantly, providing deep insights into financial behavior, enabling you to scale efficiently and reduce manual work, while approving more borrowers with confidence. RESULT:

  • Increase Revenue: Expand your customer base with new borrowers and optimize loan limits.
  • Reduce Defaults: Make smarter lending decisions with detailed borrower insights.
  • Faster Decisions: Achieve quicker approvals by automating data verification and credit scoring.
  • Improve Margins: Improve overall portfolio health with AI-driven risk assessments.
  • Streamline Operations: Build efficient, flexible workflows that reduce time-to-decision and boost productivity.
  • Minimize Fraud: Advanced fraud detection tools reduce fraud risk and related losses

Seamless Integration

COMPATIBLE & CONSISTENT
AxcessScore seamlessly integrates with all major open
banking data APIs. It generates a new alternative credit score using non-traditional data (bank, utilities, insurance) with range from 300-850 just as Vantage and FICO scores—ensuring a consistent scoring output .

TAILORED INTEGRATION
Lenders have the flexibility to tailor the integration of our modular components to align with their systems, enhancing the user experience and minimizing friction for consumers.

STREAMLINED ADOPTION

AxcessScore allows lenders to seamlessly integrate consumer-permissioned bank account data into their strategies, eliminating the complexities of modifying models, credit policies, and technology resources associated with traditional attributes.

Accelerate Your Growth with AI-Powered Lending Tools

With our AI-based Alternative Credit Risk Scoring Model, you can make faster, more accurate lending decisions while reducing risk and increasing efficiency. By utilizing alternative data, your team will gain deeper insights into borrowers’ financial health, helping you approve more loans, reduce defaults, and achieve significant growth. Lend smarter, scale faster, and promote financial inclusion by offering loans to underserved communities.

Contact us at AxcessRent

Please complete the form below and an AxcessRent’s team member will get back to you within 1-2 business days.

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