Consumer credit reporting agency Experience has introduced Trended 3D attributes, which aim to give lenders a wider view into consumer credit behavior and patterns over time.
Trended 3D attributes synthesize a 24-month history of five key credit-report fields: balance, credit limit or original loan amount, scheduled payment amount, actual payment amount, and last payment date, according to the company.
“While trended data has been shown to provide additional insight into a consumer’s credit behavior, lack of standardization across different providers has made it a challenge to gain those insights,” said Steve Platt, Experian’s group president of decision analytics and data quality. “Trended 3D makes it easy for our clients to get value from trended data across all three credit bureaus in a consistent manner, so they can make more informed decisions across the credit life cycle and, more importantly, give consumers better access to lending options.”
Experian said traditional credit attributes are limited to capturing credit behavior during a single moment of time when used alone. The new Trended 3D attributes allow lenders to expand into new risk segments and tailor credit offers to consumer needs.
According to Experian, predictive performance improved by 7% when custom models developed using Trended 3D attributes were used, compared with models developed using traditional attributes only.