Following the recent unveiling of a latest multi-million-dollar technology platform, a mortgage lender will be able to have admission to improved understanding into clients’ credit profiles. Equifax Canada revealed that the initial stage of its platform as mentioned will be able to allow customers to distribute and provide their consumers with a better, improved, fair credit access for all Canadians.
The newly introduced invention will assist mortgage lenders to have a better evaluation of Canadians with little or no credit history, and give them a wide range of options they can choose from, not only the high-interest lenders. Chief Information Office of Equifax Canada, Jimmy Chan properly explained; “Our clients want and need us to innovate by helping them reach new markets and compete more effectively in a rapidly changing credit environment that includes emerging alternative and Fintech lenders. This investment will go a long way to achieving that goal.”
Amongst the insights made provided to lenders, one of them is trended credit, which allows the clients to have info about the repayment history and highlights trends together with important insight that is far beyond a static point-in-time credit score to consider the risk of lending out to a consumer.