Equifax India Launches Equifax Dimensions TM to Help Businesses Better Identify
Mumbai, April 3, 2018 – Equifax India, registered as Equifax Credit Information Services Private Limited (ECIS), today announced the launch of Equifax Dimensions, an innovation to provide a robust view of the customer’s credit profile for strong credit decisions and more relevant offers across the entire customer lifecycle.
EquifaxDimensions is a set of 460 bureau variables that have been created byincorporating the last 24 months data of sanctioned amount, credit limit,balance, utilization, past due and delinquency data using a proprietarymethodology of aggregating enhanced bureau information. It delivers acomprehensive insight that shows an increase in credit card utilization,decrease in past due amounts and the rate of decrease in installment loanbalances, which all have a significant impact on the customer performance.These all can be used to differentiate from the regular credit report data andincrease the accuracy of score and model.
EarlySalary,India’s first salary advance mobile app that offers short term instant loans toyoung salaried individuals is an early adopter of Equifax Dimensions. Inaddition to bureau variables, the company has been using alternative data fromEquifax for its real-time decisioning.
“Bureaureports provide the information with some history but does not give balance andoverdue amount data over a time period,” said Vimal Saboo, Chief BusinessOfficer, EarlySalary. “We explored a lot using dimensions variables, as theygive trend over time period, while building application scorecard. The latestversion of scorecards has approx. 10-15 percent weightages to Dimensionvariables. These variables have improved scorecard performance by around 5-10percent.”
“To developand implement a strategy that helps you identify and compete for the bestcustomers, you need deeper information that reveals what’s happening withconsumers over time,” said K M Nanaiah, Country Head, Equifax India. “EquifaxDimensions come up with the variables that will help financial institutions tohave refined credit strategies for stronger and more confident creditdecisions. It will also help them to achieve a significant lift in modelaccuracy over snapshot variables and internal transaction data for applicationrisk, portfolio risk, balance transfer, propensity to take a new product in thenext three months and probability of delinquent customers to be current in thenext six months.”