In today’s era of consumer empowerment, customers have more control over their financial choices as they shop for and compare products online. Thanks to the rise of personal finance sites and the availability of free credit scores, consumers are more informed about their credit scores.
As scores incorporating trended credit data attributes – such as VantageScore 4.0 – become more widely adopted, consumers will expect to see their trended credit data used in scoring decisions. If a financial institution uses a static point in time instead of trended credit data to evaluate a consumer’s creditworthiness, that individual might receive a higher rate or less compelling offer.
As a result, consumers are likely to seek out other financial institutions. Lenders who have adopted trended credit data into their strategies can nurture their customer relationships and have a competitive advantage.
Trended credit data delivers a more comprehensive picture of a consumer's creditworthiness. The world is moving to trended credit data – and you should consider the same.