FactorTrust provides alternative credit data, analytics and risk scoring information that lenders need to make informed decisions about the consumers they want. The company, now a part of TransUnion, is relentlessly dedicated to “more” through proven analytics and clean credit information to lenders.
SparkLMS integrates with the best breed of third-party solutions in the Lending Eco-system to run a lending portfolio easily and profitably. FactorTrust + SparkLMS integration will allow lenders to score their leads in real-time to mitigate risk and to make informed decisions prior to lending a customer.
FactorTrust has multiple solutions that can be used independently or as a package based on the needs of a lending portfolio.
What it does
With this integration, lenders will be able to
- Validate a consumer’s identity
- Analyze employment and income data of a consumer
- Evaluates consistency of consumer provided information
- Perform IP intelligence and address cross match with home and work addresses.
- View consumer debit information
- Perform Bank Account Verification
- Get a detailed view of consumer bank transactions
- A single platform for all the scoring / decisioning needs
Benefits
- Lower the first payment defaults
- Improve the underwriting cost per loan
- Reduce fraud
- Mitigate risk prior to lending to a new customer
- Add new intelligence for regulatory compliance
- Ensures consumer compliance with OFAC & Patriot Act
Pre-requisites
After on-boarding your lending portfolio on SparkLMS, you must set-up an account with FactorTrust. We will guide you through the entire process of setting-up FactorTrust in your instance of SparkLMS.