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Experian-Scorex Launches Credit Score Simulation Tool

Experian-Scorex offers brokers credit simulation tool to educate themselves and consumers.

Experian-Scorex (Costa Mesa, Calif.), the scoring and decisioning solutions arm of Experian, recently rolled out ScoreRight, a new credit score simulation tool. ScoreRight is designed to help lenders and brokers close more loans while offering consumers more-competitive interest rates.

"This is a value-added solution," explains Matt Schwab, director of product development for Experian-Scorex. "ScoreRight is a sophisticated, interactive scoring tool that educates lenders so they can show consumers how their credit is affected [by certain decisions]."

Schwab says the old loan approval process was more or less black and white. "The score was either approved or declined," he says. "There was never an education tool. ScoreRight changes everything."

The new service uses scoring information from Experian's Scorex Plus score. This is a non-custom score that aggregates credit data from the three major credit bureaus. As a result, the level of detail provided to lenders, says Schwab, will better enable them to make the right choices with regard to applicants.

Furthermore, ScoreRight employs a powerful artificial intelligence element, claims Schwab. This AI automates the process of scanning raw credit data. The simulation tool automatically compares an applicant's credit data across all three reporting agencies to check for discrepancies and areas that might negatively impact the credit score.

"This changes the game," Schwab says of ScoreRight. "It's a value add that the end users -- the lenders -- can provide to their clients. It's a way for lenders to offer customer-centric service. This goes beyond a score to what specifically impacts a score." ___

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