Identity risk management company, Alloy, is expanding its credit underwriting capabilities. This is to support banks, fintechs, and other builders of financial products in managing their holistic credit risk. Alloy enables lenders to make smarter credit decisions, capture default risk, and increase revenue by identifying upsell and cross-sell opportunities. Alloy also automates credit line management and product remarketing, helping lenders maintain appropriate credit limits and proactively extend new product offers to customers.

Lenders rely on Alloy’s credit underwriting capabilities to offer credit products to more people with less risk. Alloy allows lenders to automate their credit decisions using identity data gathered during onboarding, credit bureau data and alternative underwriting data. Lenders can make credit decisions using custom models, building anything from basic workflows to complex matrix models right within Alloy.

Alloy’s new features

The updated credit offering builds upon these existing capabilities to offer a proactive approach to credit management beyond origination, enabling banks and fintechs to monitor for credit risk throughout the customer lifecycle. New features include, automated, scheduled checks using the richest set of credit signals to monitor the ongoing financial health of borrowers, real-time alerts sent to lenders to notify them about changes in a borrower’s risk, automated line management and automated credit remarketing process.

Parilee Wang, Chief Product Officer at Alloy, said: “Historically, lenders have had to rely on point-in-time, siloed information about their borrowers. With Alloy, lenders have a holistic solution for building a more complete picture of a borrower’s ongoing creditworthiness and potential risks.”

Alloy’s product investment in the credit space comes as US consumer credit card debt has topped $1tn for the first time in history. As many borrowers face increased financial strain impacting their ability to repay debts, lenders may be forced to make difficult decisions about the creditworthiness of their applicants.

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