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J.D. Byrider Applies Equifax Ignite™, Increases Auto Buyer Approvals by 10 PercentATLANTA, March 20, 2018 /PRNewswire/ -- When J.D. Byrider, a leading used car sales and finance enterprise, expanded geographically and organically, they began an engagement with Equifax Inc. (NYSE: EFX), a global information solutions company, to better identify risk and streamline deal structures. J.D. Byrider used Equifax Ignite™ to develop a configurable origination risk model that uses traditional credit data, augmented with alternative data sources such as telecom and utility information, to create a more robust profile on buyers. Ignite allows for a more accurate and wider-ranging risk assessment on buyers with varied profiles as well, which helps to reduce write offs and improve efficiencies. J.D. Byrider's results with the solution included a 100 percent scoring of their applicant population, including those with no credit file or a thin credit file – reducing the number of applicants evaluated only by outdated credit models. Additionally, once lower risk applications were powered by more than a credit-only scoring model, J.D. Byrider was able to increase approvals by 10 percent with the same loss rate.
Equifax Ignite helps businesses enhance customer acquisition, risk segmentation and decisioning, and improve customer relationships. The solution securely and comprehensively supports the full analytical lifecycle – from data access and transparency to visualization and deployment – using a single, connected suite of advanced analytical processes, technology and tools. "Consumers are not one dimensional, and neither are their credit profiles," said Peter Oburu, Vice President, Automotive Analytics, Equifax. "J.D. Byrider understands this and they have taken steps to ensure every customer who walks through their doors is looked at holistically and not just from one data set, but multiple datasets that can help them in their car buying journey and help all dealers and lenders make better business decisions and with fewer risks." About Equifax Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,300 employees worldwide. FOR MORE INFORMATION Wyatt Jefferies
View original content with multimedia:http://www.prnewswire.com/news-releases/jd-byrider-applies-equifax-ignite-increases-auto-buyer-approvals-by-10-percent-300616701.html SOURCE Equifax Inc. |