Equifax Credit Information Services has launched Equifax Dimensions, an innovation to provide a robust view of the customer’s credit profile. The product will help customers in taking strong credit decisions and get more relevant offers across the entire customer lifecycle. Equifax Dimensions is a set of 460 bureau variables that have been created by incorporating the last 24 months’ data of sanctioned amount, credit limit, balance, utilization, past due and delinquency data using a proprietary methodology of aggregating enhanced bureau information. It delivers a comprehensive insight that shows an increase in credit card utilization, decrease in past due amounts and the rate of decrease in installment loan balances, which all have a significant impact on the customer performance. These all can be used to differentiate from the regular credit report data and increase the accuracy of score and model, the company said. Equifax Dimensions come up with the variables that will help financial institutions to have refined credit strategies for stronger and more confident credit decisions, said K.M. Nanaiah, country head, Equifax India. It will also help them to achieve a significant lift in model accuracy over snapshot variables and internal transaction data for application risk, portfolio risk, balance transfer, propensity to take a new product in the next three months and probability of delinquent customers to be current in the next six months, he added.
