Written by Randy on December 29, 2011 – 3:57 pm
Orange, Calif.– Experian, an information solutions company, recently announced the launch of Cross View Solutions, the company’s unique risk management tool which blends debit information with credit data. This is the first offering from Experian since the recently announced alliance with eFunds, a leading provider of electronic payment, risk management, and information technology services. Cross View will provide shared access to leading nationwide debit and credit databases – making it easier for banks, credit card issuers and credit unions to more confidently offer services to creditworthy consumers with limited or no credit history.
In addition to Experian’s vast credit information resources, Cross View collects information from eFunds’ Debit Bureau, the country’s largest single source for debit data, containing more than 2.7 billion records related to checking account opening and closing information, checking account collections data and overdraft histories, and check order histories. The repository is updated with approximately 1.7 million records each day, receiving information from more than 82,000 retail locations, 86,000 financial institution locations, and other reputable sources. “We are very excited that Cross View will make it possible for more consumers to obtain offers of credit when they had previously been denied,” said Mary Pajot, vice president of Experian information solutions. “Before Cross View, recent immigrants, newly divorced or widowed individuals, and students had limited access to credit products and offerings because their credit files contained a limited amount of information. With this solution, credit grantors now have the ability to better serve consumers by examining their credit data along with checking account information and other related financial data – areas where they may have already shown themselves to be financially responsible.” Cross View is a predictive and customizable resource, which reduces risk for credit grantors while enabling them to approve more prospects and offer greater credit privileges to deserving consumers. It provides real-time access of both credit and debit data, plus prescreen segmentation, account review overlays, and account monitoring triggers.
Cross View can also be combined with other leading Experian products and services, providing unique tools that take full advantage of the dual availability of information. Another example, which results from this partnership, is a complete suite of market leading customer authentication
tools. “The convergence of debit and credit data provides organizations with a more comprehensive view of consumers, helping identify those for consideration for long-term profitable relationships who would have been declined in the past,” said Pajot. “This revolutionary method simply offers a multitude of possibilities for businesses wishing to strategically expand into new consumer markets with no appreciable increase in risk.”
Cross View maintains the highest standards pertaining to information practices, data privacy and regulatory compliance, in
accordance with the provisions of the federal Fair Credit Reporting Act. Cross View also helps lenders meet Community Reinvestment Act (CRA) requirements and better serve their communities.
