Fraud & Credit Risk Solutions for Consumer Finance

Assess New Customer Risk With Minimal Customer Friction

Customer Risk Assessment Solutions

COVID-19 has disrupted how consumer finance companies assess credit risk. As businesses struggle to adapt to this new environment, consumers are making more purchases online. In order to capitalize on this opportunity, consumer financing and lending companies must be able to find new ways to assess credit risk, deliver a seamless customer experience and mitigate new fraud risks.

In this brochure, we cover how Enova Decisions helps consumer finance companies move beyond traditional credit scores and become more agile. As a result, these businesses can continuously optimize their credit decisions while minimizing customer friction.

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Why traditional credit scores may limit your bottom line

While traditional credit scores are effective at identifying the least and most creditworthy consumers, they lose their efficacy in the middle score ranges. On top of that, roughly 40 million U.S. adults don’t have a credit score at all. Therefore, relying primarily on a traditional credit score to make financing and lending decisions means that your business is leaving money on the table. Lowering the threshold to acquire more customers increases your risk of default — and you still miss out on the credit invisibles.

Why more data can grow your bottom line

When it comes to data, there’s no silver bullet. Each source has its strengths and weaknesses, so why not bring them all together? When you’re able to integrate disparate data sources (including device, behavioral and biometrics) with traditional and alternative credit scores, you’ll be able to better sort out the lost middle to acquire more customers and still minimize default risk.

Move beyond traditional credit scores with Enova Decisions

Enova Decisions not only gives you access to best-in-class data for assessing credit risk, we supply the know-how and technology that enables your business to pull this data and make better credit decisions in real-time.