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Credit Unions will now be able to follow up with applicants who were unable to procure loans, and see if they pursued credit at other institutions, thanks to a new service from Equifax.
The new Lost Sales Analysis tool is designed to show credit unions which borrowers received loans from other institutions, and how they performed. Although no personal or identifying information is said to be divulged, it is detailed enough for financial institutions to identify whether the loan in question should have been approved or if it was indeed a risk that they were wise to avoid.
While the product is ostensibly pitched as a way to give credit unions a deeper look at their lending business, the implication seems to be "look at all the loans you didn't make that could have been profitable – no matter how dreadful the credit score or the terms of the loan.
The post Equifax Now Reporting On How Rejected Loans Perform appeared first on The Truth About Cars.
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