Credit reporting company MicroBilt has introduced a new loan scoring product called Bank Account Verify Advantage (BAV Advantage).

The new solution is based on verified bank data to enable the lenders to score the credit applicants.

It deliver a complete view of a consumer’s loan and bank performance history by scanning a database containing more than 150 million consumer records and 1.5 billion ACH transactions.

It will also provide information on the loans associated with that particular bank based on submitted information.

MicroBilt official Sean Albert said: “BAV Advantage uses an algorithm to assess an individual across a multitude of data points including risk factors associated with financial institutions. The product returns a score on the same scale – and with the same implied meaning – as a traditional credit score.”

Besides offering the score, the report is expected to facilitate the decision process as well as protect the lender from fraud.

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The loan scoring product also provides information about the current status of the bank account and 36-month history of MICR and loan transactions.

Various risk factors are also flagged in the report including the prospective borrower’s ability to repay a loan.

MicroBilt official Keith Goodnight said: “We designed BAV Advantage for the sub-prime market.

“With BAV Advantage lenders can look at the individual’s banking behavior, at how they historically handle money.

“It gives them actionable data sources where they may not have had them before. It also gives a fair shake to people who might not have a traditional credit score.”