Public Mutual Fund
For financial institutions (FIs), consumer data from outside vendors is important during the decisioning, origination, and fraud prevention processes. Oftentimes, FIs are restricted to what vendors can be used and what data can be collected. This is the result of a number of factors including systems that only support certain data formats and vendors that require data exclusivity. With modern systems and data collectors however, institutions have the advantage of using vendor integration services (VIS). Modern VIS systems give FIs the ability to use data from multiple vendors regardless of format.
VIS systems use data agnostic vendor networks as the means to access consumer information. These networks include not only the three traditional credit bureaus, but other services such as fraud databases, alternative data sources, and appraisal services as well. These data aggregation services provide FIs with more flexibility and control concerning decisioning because the institutions have alternative data options available that they might not have without the vendor network. The additional data can also reduce the number of no-hit customers and potentially decrease the cost of data acquisition. The cost of data acquisition can potentially be lowered through the use of pre-prescreening; this is the process of looking at less-costly alternative data before pulling the more costly credit history. This can lower costs because if the consumer cannot pass the pre-prescreen, FIs do not have to pull the more costly data.
What does this mean for financial institutions? With a VIS that provides an open marketplace, institutions have easy access to multiple sources of information and these sources provide different kinds of consumer credit history. Not all will have a traditional credit report, but may instead provide information about consumer bill payment history, how often payday loans are utilized, and how much value their property holds. VIS systems make it simple to gain access to these different kinds of information so FIs can gain a better, more holistic view of consumers to make better credit decisions.
These integration services work independently of credit granting and credit calculating institutions. They simply provide a way for FIs to access multiple sources of consumer information from many different vendors in multiple formats. Without these services, institutions are traditionally limited on who their data vendors can be and in what format the consumer files can be received.
Overall, there are many providers of consumer credit data and VIS systems are one way to access multiple vendors with the use of only one platform. Through the use of a vendor integration service, financial institutions can access more data in more formats than they could through the use of many legacy systems.
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Post # 7c0e9bb2279dc08bccee source: Eugenio Mulrain is a prolific guest blogger and he also is knowledgeable in Public Mutual Fund more details of which can be discovered on his popular site © February 22, 2012, 3:03 am
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