NEWS
New product launch
LendingMetrics launches new SaaS innovation DeeJoop The problem of ‘double counting’ consumer credit files when using data from more than one bureau has been solved thanks to the introduction of a new solution from LendingMetrics.
The data specialist’s DeeJoop platform, which is set to be used by lenders for the first time this week, distills credit risk data from multiple bureaus to produce a ‘net’ credit file for consumers. Using proprietary algorithms, it interrogates the large quantity of data contained in multiple Credit Reference Agency (CRA) files and removes double-count - ed credit commitments, defaults, mort- gages, CCJs and other duplicated ele- ments of a consumer’s credit file. The DeeJoop file returned, in com - pliance with a provider’s decisioning parameters, produces higher quality affordability assessments to ensure
that lenders treat customers fairly and identifies the trust picture of a client’s credit file in amongst the inevitable duplication of data. A copy of the original consumer credit file is always retained, meaning that subject access requests and corrections can be handled in the usual way. The platform has been in development since mid-2020 by LendingMetrics’ team of credit risk analysts, architects and developers, who have drawn on the company’s extensive lending technolo- gy expertise. The solution evolved from a welcomed
increase in regulation across the indus- try, leading to finance providers needing to carry out more effective affordability and eKYC assessments on applicants. For those with thin credit files, lenders can run multiple bureau searches, but this can be problematic given the need to handle different data formats and heavy data duplication, as well as unpredictable CRA coverage and occa- sional outages. The new DeeJoop tech- nology enables providers to efficiently run these multi-bureau searches and avoid wasted opportunities to lend to otherwise perfectly suitable borrowers.
08 | Metrics Monthly
Q2 | 2022
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