In the ever-evolving United Kingdom payday lending scene, more in depth and alert risk assessment tools can greatly assist lending institutions to come up with better and more urbane pricing models and lending strategies so that they can make pricing schemes more competitive compared to the other lending companies and it allows them to position themselves in a better position in the payday lending market. To be more profitable, a lending company should always be coming up with more innovative pricing techniques that are based on certain guidelines so that they can attract more customers and more borrowers and more repeat clients.
CoreLogic Teletrack UK has been providing risk management softwares and solutions since 2007 to lending institutions of the non-traditional kind. This refers to companies who offer a more diverse type of loans such as payday loans, et cetera. It provides database access to information that can greatly assist a lending company on credit referencing, credit risk and fraud alert and prevention purposes. Because of these services, customers are now able to make lending transactions fast and easy by just accessing a single point portal for all the necessary information needed to not only approve a payday loan application but also make real-time risk assessments for people applying loans online. The Corelogic Teletrack software allows the client to perform instant scoring solutions based on a broad credit reporting guide, consumer information authentication, and credit fraud prevention.
Corelogic, the company behind LendOptix, the new risk model, has been in the property and financial information analytics and services provider for private businesses and the government. Using different forms of proprietary and public and even contributed data, Corelogic has developed its own predictive decision analytics that will guide lenders a better insight and transparency which may help them in coming up with key decisions in the approval or non-approval of loan applications. In the United States, Corelogic has created the biggest loan performance, fraud, mortgage application, and real estate databases. It is also recognized as the biggest contributor of geospatial analytics, mortgage and automotive reporting, property tax, valuation, and flood determination services ever.
The LendOptix risk model is designed to complement the other Corelogic tool Teletrack Aware and when combined, both provide the best and most wide-ranging and the most logical summary assessments of applicants’ credit performance and their risk status in relation to payday lending. With this tool, lending companies have now a more diverse and wider range of database information that can easily guide them to personalize loans and come up with better schemes based on the risk assessment of an individual. With this power, they can offer more loan possibilities and it also serves as a blanket protection against those who will not be able to provide profitability to the lending company.