The search for the credit rating Holy Grail

Using a sophisticated algorithmic approach offered by some software providers can eliminate the risk of double counting credit commitments. This in turn allows for a much higher applicant conversion rate and a more accurate automated affordability calculation and credit decision; a Holy Grail when it comes to onboarding.

Such accuracy gives lenders the confidence that they are making high-quality, high-velocity and high-volume decisions, as cost effectively as possible, and treating customers fairly while doing so.

David Wylie is commercial director at LendingMetrics