ATLANTA -

Underbanked consumer data, analytics and risk scoring solutions provider FactorTrust formed a partnership this week with defi SOLUTIONS, which developed a browser-based loan origination system (LOS).

The companies highlighted they reached this alliance because non-prime auto finance companies need access to detailed customer files in order to make informed underwriting. Now, operations that utilize defi SOLUTION’s LOS system will have access to FactorTrust’s unique, highly predictive data.

Executives insisted the partnership is designed to give underbanked consumers faster loan approvals and offer finance companies lower underwriting costs and more accurate pricing ability.

Finance companies that use defi SOLUTION’s system have the capability to control the entire application and funding process through a flexible software-as-a-service platform at an affordable price. Seamless integration with FactorTrust also can allows defi SOLUTION clients to access comprehensive underbanked consumer information

This information combined with traditional data sources offer defi SOLUTION clients a competitive advantage when it comes to pricing and underwriting non-prime consumers, according to Stephanie Alsbrooks, chief executive officer and founder of defi SOLUTIONS.

“FactorTrust offers the most comprehensive underbanked consumer loan performance data in the industry,” Alsbrooks said. “This offers defi lenders the ability to make accurate decisions faster, which fits perfectly with our mission to offer defi lenders the most efficient and effective LOS in the market.”

As the non-prime auto market has grown into an $89 billion industry, so has the depth and breadth of FactorTrust’s proprietary data. FactorTrust CEO Greg Rable insisted the company has millions of data points on this growing segment and works with customers to provide instant, compliant and accurate data to support lending decisions.

“defi SOLUTIONS is highly-regarded in the industry because of its acute understanding of and eagerness to accommodate its lender base,” Rable said.

“Partnering with defi allows the company’s clients the ability to access FactorTrust’s proprietary data and scores and provides non-prime consumers greater options in terms of products,” he added.