Newark, Delaware (June 14, 2019) – DecisivEdge Senior Vice President Andrew MacDowell, was recently interviewed by the Canadian Auto Journal for an article focusing on how alternative data can be used to evaluate credit applications.
The article Alternative Data – Life Beyond the Credit Score written by Krystyna Lagowski, talks about how non-traditional approaches are being used to evaluate loan applications. Andrew MacDowell explains that by leveraging alternative data in the credit decisioning process can help lenders improve approval rate of traditionally declined applications, increasing their “slice of the pie”.
“If a car dealer has 10 people apply for a loan for a car every month, and can only approve six of them, how can they make that number seven or eight?” MacDowell asks. “They have to fundamentally look at how they’re lending today, and whether they’re okay increasing their risk appetite.”
MacDowell also discussed expanding DecisivEdge’s solution Lending and Leasing as a Service to Canada. “We’re diving deep into the Markham community, but looking to offer our services nationally,” he explains. “We have a lending and leasing product, and offer a cloud service host along with it, that was built for the automotive market. We’ve sold it to automotive companies, and we’re hoping to expand that product in Canada very specifically.
To read the article Alternative Data – Life Beyond the Credit Score, click here.
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