For lenders, alternative data can be the factor in edging out your competitors, especially when better decisions are needed to compete for emerging businesses and startups.
Both startups and emerging businesses may represent a good growth opportunity, but they may also be high risk. The challenge? Businesses with thin credit profiles can be difficult to score.
Social Media Insight TM provides lenders with another layer of data that can help you better assess the direction of these businesses, score them more accurately and open new growth opportunities. After all, nobody likes to leave money on the table.
For emerging businesses who have a thin credit profile but have a strong social media reputation, Social Media Insight can be a factor in gaining access to credit and resources they deserve.
Social Media Insight enables you to see the activity, trends and sentiment on a business, over time. In our Experian DataLab tests, we improved overall model performance by 12 percent and new and emerging businesses by 91 percent, boosting predictive performance over traditional data sets.
Social Media Insight is directly sourced data providing you with over 70 attributes including trends and sentiment along with descriptive attributes. This powerful data enables you to more accurately score or assess new and emerging business as well as long established accounts.
Want to learn more? Watch our on-demand webinar or contact your Experian representative today.