Experian-Scorex, the global decision solutions business of Experian, today announced the release of ScoreRight, a new credit score simulation tool designed to help lenders and brokers close more loans and offer consumers the most competitive interest rates available.
Powered by the Experian-Scorex developed Scorex PLUS score, ScoreRight provides the resources necessary to assist loan applicants in understanding how specific credit-related actions can affect their overall credit scores.
"In today's highly competitive lending market, ScoreRight offers a sophisticated way for our clients to differentiate themselves with a more customer-focused approach," said Walt Ramsey, president, Experian-Scorex North America. "It's our mission to provide organizations around the world with innovative tools to help them manage their customer relationships and make better lending decisions. We developed ScoreRight to provide lenders and brokers with the risk score information they need to maximize the efficiency of their business processes."
ScoreRight is the only tool that provides lenders with a side-by-side comparison of an applicant's credit information from all three credit reporting agencies. Using an applicant's own credit data, ScoreRight gives users a very detailed, tradeline level view of account information. With this information, lenders can simulate specific credit-related actions across all three credit reports. These simulations are then used to help the consumer better understand their current score, and enable them to gain perspective on how their purchasing and financial decisions can affect their overall credit health.
Utilizing artificial intelligence, ScoreRight improves lenders' operational efficiencies by automating the manual process of scanning raw credit data. The simulation tool automatically compares an applicant's credit data across all three credit reporting agencies to check for discrepancies and areas that might adversely affect the credit score. Lenders can then use ScoreRight to illustrate how specific credit-related actions can affect a consumer's credit score.
By utilizing ScoreRight, lenders and brokers will be able to:
- Help consumers understand their credit score and educate them on the factors that make up the score.
- Illustrate how applying for credit, refinancing, opening accounts, missing payments, consolidating debt, transferring balances and more, can affect a consumer's credit score.
- Add value to customer relationships, while increasing customer loyalty and retention.
- Improve operational efficiencies by automatically comparing credit data across all three credit reporting agencies to check for discrepancies, and then help to prioritize the resolution of disputes.