With iQ Risk Scores, iQ Fraud Scores, and iQ Marketing Scores, you can base decisioning on comprehensive, tested data models and risk appraisals all accessible through the iQ Decision Engine to improve originations and mitigate risk.
Accurate and predictive credit scoring models maximize the risk-adjusted return of a financial institution. iQ Risk Score is a machine learning model designed to assess and minimize credit risk. It combines various traditional and alternative credit data along with proprietary data to provide a more complete consumer profile and insights that enables the lender to better predict consumer behavior.
iQ App Score is customized and most effective for evaluating applicants that respond to lenders Direct Mail offers.
iQ Fraud score allows organizations to combat both third-party and first-party fraud by providing near real-time insight into applicant's behavior on and off the web. iQ Fraud score is a multi-layered Al tool built upon information from both FCRA and non-FCRA data sources - for example, information like IP address tracing, device tracking, geo location, identity verification, email/phone risk assessment, and more. It can be used to identify fictitious or fraudulent applications and help minimize operational costs by effectively utilizing data to automatically authenticate the identity of a consumer.
RAZR & iQ Transaction Score are first-of-a-kind scores built on data that is not normally reported to CRA’s. It is powered by transactional data from consumer's bank accounts and other sources. It combines unique data representing the depth of transactional history, usage history, and cashflow patterns to generate a complete risk profile of the consumer that goes beyond a traditional credit risk score. These scores provide significant lift in segmenting risk and can be used to effectively implement first-party fraud strategies for high-risk consumer segments and upsell strategies for low-risk consumer segments. To obtain an iQ Transaction Score, lenders will need applicant's consent to obtain bank transaction data, while RAZR is built on proprietary data that does not require any consent or interaction from the applicant's side. Both RAZR and iQ Transaction Score are available for use on direct mail and non- direct mail programs.
When it comes to acquiring new accounts, the challenge is to foster growth while mitigating risk of fraud and default. A combination of our iQ Propensity Score and iQ Infinity Score help lenders enhance their direct mail campaign efficiencies, increase acquisition rates and overall customer profitability.
Our iQ Propensity Score objectively segments your customers and identifies those who are most likely to respond to your particular offer. An effective Propensity Score helps reduce the cost of acquisition and strengthen customer relationships. Our scores have been developed by combining hundreds of marketing and credit characteristics from multiple credit bureaus, analyzing customers' credit-seeking behavior in the past 24 months and assessing the likelihood of the customer to apply for a certain product in the next few months. Thus, you benefit by being able to offer the right products to the right people at the right time.
As a lender, you need to know which applicants are most and least likely to honor their loan obligations. Our cutting-edge marketing stage credit risk score gives you predictive insight into consumer's future risk behavior so you can make accurate marketing decisions. Our iQ Infinity Score effectively predicts whether a potential borrower is likely to default on their loan and skews toward early lifecycle defaults. The score sources data from multiple FCRA credit bureaus, considers all the borrower's trades (secured and unsecured), enabling you to better manage risk, minimize losses and increase profitability.