In 2021 the FCA mandated that motor finance providers in the UK provide their customers with a much more transparent and fair approach to loan pricing, based on their credit risk assessments.
RiskView™ provides motor finance companies with the ability to more accurately price rates for motor finance loans and deliver much more transparency to their customers in the process.
Ultimately this makes sure providers of motor loans are maximising their competitiveness, in comparison to other sources of car finance, while at the same time providing their customers with properly assessed rates of interest as they look to finance their next car.
Delivered via API and web application, RiskView UK is a credit risk assessment tool that comprises of a unique credit score, risk assessment, credit report and over 700 data attributes that can be built into organisations’ risk assessment models.
Enabling credit lenders to establish an appropriate credit risk environment whilst operating within a sound, well-defined credit-granting criteria.
Adopt a deeper and more accurate view of customers to inform credit risk assessments.
Leverage insights to differentiate between similar traditional credit profiles
Improve access to financial opportunities and help to ensure customers are treated fairly
Build a more complete risk profile of customers
Unlike traditional Credit Reference Agencies’ risk scoring products, RiskView UK does not require consumers to have a previous credit history to provide a risk score and assessment. Instead, it leverages alternative information from our extensive data sources, connects it to customer profiles using advanced statistical linking and uses predictive analytics to help support better credit risk decisions.
Our data, covering almost all adults in the UK, is derived from multiple different public sources and data partnerships. It comprises the latest datapoints from billions of public and proprietary records. As we ingest new identity information, we don’t simply replace the data we have for a customer – we add to it. Current and historical data is part of the customer profile, to create a more complete view of the customer over time, and not just the latest snapshot.
We continuously update our data using our own unique identifier, LexID®, together with our proprietary statistical linking process which matches and connects disparate data to the appropriate customer records.
We apply data science and leverage patented algorithms, predictive modelling, machine learning and advanced analytics to provide better decision intelligence.
Please call +44 (0)29 2067 8555 or complete the form and we will be in touch shortly to discuss your requirements...
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit risk.lexisnexis.co.uk and relx.com.
