Trended Data at Equifax
In our previous blog post, we discussed how trended data is becoming mainstream, providing a simple definition and examples of how trended data is used today. In this post, we’ll share how Equifax uses trended data and the benefits of incorporating external insights into your decisioning process. To help our customers grow revenue and better manage risk, Equifax considers trended data as yet another tool that can help improve marketing and risk solutions that we deliver to our customers. As with all of our analytic and modeling processes, we take a very deliberate and measured approach to incorporating trended data into our solutions. Where we believe a significant lift and benefit can be had, we incorporate trended data into product enhancements and new product innovations. We view trended data as one of many building blocks in creating the best products for our customers. Our goal is to deliver the most actionable insights which help our customers grow their business while mitigating risk. And yes, many companies successfully conduct their own in-house trending and data analysis. However, they are limited to analyzing their own internal customer data, and perhaps some limited data purchased through a third party such as demographics. A company is not able to assess current balances, payment amounts and other key financial information from outside their own organization. While helpful, this internal view of a consumer’s financial profile can limit their ability to assess a consumer’s total financial profile. Analyzing a company’s own in-house data also limits their ability to assess income patterns over time, a key indicator in a customer’s future financial standing. At Equifax, we help companies assess the broader financial health and trajectory of their current and prospective customer base by providing insights into the complete financial profile of a consumer. This added view of data external to an organization can help companies make stronger decisions around acquisition, portfolio management and retention strategies. In turn, companies are able to optimize their marketing investment and better mitigate risk. To learn more about Equifax Trended Data Solutions and how we can help you drive more profitable growth and better manage risk, visit http://www.equifax.com/business/trended-data. And stayed tuned for future posts as we explore more ways you can tap into the dynamic insights that trended data delivers.
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