Experian PowerScore: The power of alternative data in mitigating the impact of COVID-19 on credit growth
With the devastating economic impact of COVID-19 seen in the early stages of the pandemic, customer profiles are drastically changing and lenders will face an influx of new customers who did not need credit earlier.
How can financial institutions prepare to weather the inevitable economic slowdown? Anticipating arrears before they happen, and at speed, is fundamental to effective credit portfolio management. In such unprecedented times, “business-as-usual” strategies will not be sufficient in predicting future credit performances.
Harness the power of alternative data to help safeguard your business during COVID-19
Harnessing the power of alternative data will support financial institutions to adjust to a new normal by
- adapting their lending criteria to tweak early warning signals and;
- assess a borrower's post-COVID-19 credit worthiness.
Download our whitepaper to read more on our perspective on how lenders can safeguard their portfolio and how Experian can help.
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