FactorTrust to provide alternative data to Digital Matrix Systems

Digital Matrix Systems formalized an agreement on FactorTrust to provide DMS clients with access to FactorTrust’s alternative credit information and risk scores.

The companies insisted the strongest risk management strategies in use at leading financial services, auto finance, and insurance companies employ not only traditional credit data, but a balance of alternative data as well. FactorTrust is a provider of non-prime consumer data, analytics and risk scoring solutions for those underserved by traditional banking channels. The company can provide a unique and highly predictive source of alternative credit information that is unavailable from traditional credit reporting agencies.

“Working with DMS enables FactorTrust to help more lenders better assess credit risk and a consumer’s ability to repay by streamlining access to real-time, trusted data on the underbanked that is not available anywhere else,”, FactorTrust chief executive officer Greg Rable said.

Access to FactorTrust data will be available early in the third quarter of this year through Data Access Point by DMS, a connectivity hub that can offer clients flexibility when using alternative data sources.

 “We are pleased to announce our strategic relationship with FactorTrust,” DMS executive vice president David Graves said.

“There is a growing need for quantifiable and actionable data on underbanked consumers. Our companies share a mutual interest in helping companies strengthen risk-based decisions, and DMS continually seeks out alternative data sources that will better support our clients,” Graves went on to say.