Gone are the days when solely income and FICO score determined creditworthiness. Increases in technology and alternative reporting have made it easier to account for “alternative” factors that can illustrate a customer’s creditworthiness with greater accuracy.
With all of these nontraditional factors in play, it can be difficult to figure out the best alternative credit reporting companies. These nine companies are on top of their game when it comes to diverse data, highly developed analytics and new technology. They provide the whole picture — much more than just a FICO score.
With the new millennium came concerns the old methods of figuring out credit scores were better left in the last century. Thus, the three national credit reporting agencies came together to create an advanced scoring option: VantageScore. More accurate and more consistent, this method leaves you with more credit score confidence.
Twitter Handle: @vantagescore
Information is what makes smart decisions, so CoreLogic provides you with the information you need to drive strategy, solutions and success. Considered the company financial services and real estate professionals turn to, they provide data and analytics. With them, you can manage your growth, improve performance and diminish risk.
Twitter Handle: @CoreLogicInc
For financial institutions to be successful, they need to make quick and reliable credit decisions. Then why do they settle for slow systems and manual processes? With Zoot’s zDecision consumer-initiated decisioning solution, credit decisions are instant, even when the most complex rules and criteria are taken into consideration.
Twitter Handle: @ZootEnterprises
Now a part of TransUnion, L2C continues to provide origination solutions with real-time evaluations of risk and improved reporting. Few companies can take alternative credit data, process the analytics behind it and still find a way to increase application approval by up to 20 percent, but L2C manages to make it happen time and again.
Twitter Handle: @L2CInc
Seen as the most comprehensive source provider of risk management solution, MicroBilt is committed to understanding their customers’ needs. They offer customized data solutions that reduce risk and help better manage a business. Certified by the three consumer bureaus and the two commercial bureaus, they definitely mean business.
Twitter Handle: @microbilt
With the help of the ID:A Labs, ID Analytics has gained a better understanding of risk and consumer behavior, as well as the effect of new technology. That’s why their credit solutions lead to better decisions, bigger businesses and much smaller losses. Where traditional credit data meets alternative insights, they see opportunity.
Twitter Handle: @ID_Analytics
A credit reporting agency, eCredable exists to help millions of people access affordable financial services, even without having a positive credit history. They recognize most folks take their financial commitments seriously, so the eCredable “All My Payments” feature shows creditworthiness, so you get credit you deserve.
Twitter Handle: @eCredable
LexisNexis is a leader in providing essential information in predicting and managing risk. Their unique data, advanced scoring analytics and enhanced technology created RiskView Solutions. This provides an in-depth look at risk, scoring and creditworthiness of prospective customers. It’s no wonder the top 50 U.S. banks choose them.
Twitter Handle: @LexisNexisRisk
Clarity provides efficient and effective products to help businesses lend smarter. They offer reporting in real-time with a combination of alternative data sources and traditional information; this provides an unmatched view of the customer and assists in the underwriting process when it comes to determining creditworthiness.
Twitter Handle: @ClarityServ
Don’t forget to check your traditional credit score as well! Despite how helpful and innovative these companies are, a majority of lenders will still look to the good, old-fashioned FICO score for information about you.
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