Third Party Integration with FactorTrust

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.

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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.