LMX: A Major CRA! Delivered in a different way
If you saw an advertisement that read.......
• "Great credit reference data"
• "Huge minimum volume commitments"
• "Large account setup fees"
• "Dedicated Account Manager to large customers only"
• "Long contractual tie-in"
...you would be forgiven for thinking this doesn't sound all that attractive. But frankly, if you need the highest quality credit data, what option do you have in a market with relatively little choice?
Feedback from many customers over recent years has informed us that they have often had to enter into contractual minimums with lengthy terms and large setup fees, and given the choice they would rather engage with a company which is more suited to their business needs. However, there must be no compromise on the quality and the coverage of the data.
So, imagine if the advertisement read something like this?
- "Great credit reference data from one of the UK's BIG 3 credit reference agencies"
- "Tailored and modest volume commitments"
- "No account setup fees in most cases"
- "1 year contract term"
- "Dedicated Account Manager for all customers"
- "Free retro analysis"
We have a feeling you may be more inclined to call this company first. At LendingMetrics we recognise these challenges and we do things a little differently, that’s probably why so many firms have chosen to deal with us.
We're an FCA regulated and ISO certified strategic partner of Equifax, and here is why we're different:
Price
We aggregate our volume gained across scores of lender clients to negotiate preferential rates which are not offered to most lenders. Our scale means that we can bring those price savings to you, no matter what size of company you are.
Commitment
We ask for volume commitments and contract durations in line with your needs rather than in line with ours. This means that you can deal with us whilst exposing your business to less commitment and less financial risk.
Service
You are important to us no matter how large or small your organisation! When you deal with LendingMetrics it's personal. You will always have direct access to a named account manager and a rapid escalation process to deal with problems. We are all based in the UK, so no overseas agents or large call centres to content with.
We offer the full suite of products too, all available via one simple API to enable easy integration (and we have a manual portal if you cannot integrate).
The product suite comprises:
Insight
Traditional consumer credit file information CCJs/Bankruptcies/ Loan + Mortage + Credit Card Payment History and Performance / Account Balances / Linked Address / Credit Score
AML + EWC
The Equifax Anti-Money Laundering and Dow Jones Watch List services. These use several data sources to verify the consumer’s identity, residency and to raise alerts that informs lenders when it may be inappropriate to lend to the applicant.
EFS
The Equifax Financial Stability Suite analyses pure CATO (Bank) Current Account Turnover data to verify affordability based upon a Red/Amber/Green rating.
BAV
The Bank Account Verifier confirms the validity and ownership of bank accounts based upon sort code and account number.
HCSTC Score
The HCSTC score has been developed by Equifax based upon the Consumer Insight Data. This score has demonstrated high predictability in identifying those consumers likely to default on their loan payments.
One stop shop.
When you come to LendingMetrics you'll see that we have so much more to offer than just CRA data. Our technology "ADP by LendingMetrics" will help you to leverage the data in order to make effective and consistent credit decisions and our Open Banking platform Open Bank Vision (OBV) delivers your customer's categorised bank transaction data securely, instantly and for free.
LendingMetrics is like no other and we are proud to be positively disrupting the market. We would be delighted to show you everything in person so that we can get to know what your business needs and how best we can provide it.
Please get in touch, and don’t forget to ask about our free retros.