Software provides lenders with at-a-glance risk assessment.
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Press Release Summary:
Compatible with scoring models for all 3 bureaus, CreditXpert AU Filter(TM) helps lenders assess impact of authorized user accounts on borrower's credit. Solution compares credit files, including and excluding authorized user accounts, enabling lenders to take true risk impact into consideration when underwriting loans. Solution also provides reason codes that could be used in declining loans, written in consumer-friendly manner for applicant comprehension.
Original Press Release:
CreditXpert Inc. Unveils Dynamic Lender Solution to Authorized User Account Dilemma
TOWSON, Md., Oct. 15 - CreditXpert Inc., the pioneer and premier provider of highly personalized credit management tools, announces the launch of the CreditXpert AU Filter(TM), the first product on the market to help lenders easily assess the impact of authorized user accounts on a borrower's credit. The CreditXpert AU Filter is compatible with scoring models for all three bureaus.
"Today's volatile credit environment is fueling demand for more accurate credit risk assessment tools," said David Chung, managing director of CreditXpert. "We understand the pressure felt by lenders and we are moving aggressively to provide the most effective technology for promoting credit risk assessment tools that fit their needs. With the CreditXpert AU Filter, lenders can identify the borrower's true risk at a glance."
CreditXpert Inc. estimates that at least one authorized user account - and most commonly, two to three - are on one-third of all credit files. "Of those credit files, we estimate that 60 percent will experience a credit score change when authorized user accounts are not considered in scoring," said Chung.
"We developed the CreditXpert AU Filter to provide lenders with a more accurate measure of credit risk," said Peter Close, lead scientist at CreditXpert Inc. "We believe that this can best be achieved by analyzing the credit file after filtering out authorized user accounts."
The CreditXpert AU Filter compares credit files including and excluding authorized user accounts. By doing so, the CreditXpert AU Filter provides lenders with the score impact of that change, thus enabling them to take the true risk impact into consideration when underwriting loans.
As a comprehensive solution to underwriting, the CreditXpert AU Filter also provides reason codes that could be used in declining loans. These reason codes are written in a consumer-friendly manner so the applicant can easily understand the primary reasons why they were refused.
"CreditXpert Inc. always has its finger on the pulse of the credit economy, and we have designed the CreditXpert AU Filter to provide lenders with the critical tools necessary to effectively deal with the authorized user account issue today," said Chung.
The CreditXpert AU Filter will assist lenders in answering the tough questions, including:
- How do authorized user accounts impact risk assessment?
- How are authorized user accounts impacting origination?
- Are lenders taking on more risk than originally thought?
The CreditXpert AU Filter is available to lenders now and can be implemented immediately.
CreditXpert Inc. continually reshapes the mortgage lending landscape-as the pioneer of the first credit analysis service and the sole provider of comprehensive credit optimization solutions. Today, with the introduction of the CreditXpert AU Filter, CreditXpert Inc. is providing lenders with solutions to ensure success in today's difficult mortgage market.
CreditXpert Inc.
CreditXpert Inc. is the pioneer and premier provider of highly personalized credit management tools - including simulation, optimization and analysis - that help mortgage originators and credit issuers make more informed lending decisions. The CreditXpert(R) Solution Suite is the sole comprehensive solution capable of identifying opportunities holistically - revealing the best way to manage credit and disclosing the impact of inaccurate information. It provides complete flexibility to match real-world situations so users can achieve the best results. Based on world-class credit scoring, data mining and predictive modeling expertise, the CreditXpert Solution Suite is an advanced hybrid of artificial intelligence, statistical techniques and analytical methods that provides the most accurate predictions and the most compelling results.
CreditXpert Inc.'s rich background in credit began in the 1990s with its parent company, the leading developer of credit scoring models. Its scoring models were deployed directly on a credit bureau system and were used by the top three credit card issuers. Building on this expertise, CreditXpert Inc. continues to revolutionize the credit economy with innovative software solutions that help clients increase revenue, build stronger customer relationships and retain more customers. For more information about CreditXpert, please visit http://www.creditxpert.com/.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link. David G. Chung http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=39058
CONTACT: Denise Bauwens, Principal, marcomEXCHANGE, +1-610-891-7560, dbauwens@marcomexchange.com, for CreditXpert Inc.
