ATLANTA — FactorTrust, a provider of underbanked consumer
data, analytics and risk scoring solutions on those underserved by traditional
banking channels, rolled out solution this week for subprime auto lenders
looking to reach these consumers more effectively.

The company launched what it's calling the FactorTrust Automotive Finance Practice to
provide lenders access to useful data on the millions of underbanked consumers.

The average FactorTrust credit score for underbanked
consumers is 701, according to a recent FactorTrust Underbanked Index, which
offers interested parties tracking and benchmarking information to help them
understand the needs of underbanked consumers.

For those underbanked who have less than a 680 traditional
credit score, the additional data from FactorTrust as well as the FactorTrust
score, can provide a more detailed picture of the borrower and influence the
amount of the auto loan or interest rate1.

Additionally, the index recently reported that one of five
underbanked borrowers is a millennial (18 to 30 years old).

Similarly, FactorTrust mentioned other research previously reported
by Bloomberg that shows this same demographic of people are buying vehicle at a
slower rate than their parents, because they are restrained by mounting student
loan debt and a rising cost of driving.

With more than 20 years of experience in the financial
services market, Scott Brackin will lead the new group, offering actionable
insights and tools to move the needle for this subprime auto finance industry.

"We see the need for access to more intelligent data on
underbanked consumers growing throughout the automotive industry as a whole," FactorTrust
chief executive officer Greg Rable said.

"It's imperative for lenders to utilize information that
provides them with a better understanding of who their underbanked consumers
are and also equips them with highly predictive tools to more accurately
evaluate a borrower's credit risk. The growth of the automotive industry
depends on it," he continued.

Through the launch of our Automotive Finance Practice and
with Brackin in the driver's seat, FactorTrust is developing new sales
opportunities for the industry nationwide," Rable went on to say.

Subprime auto lenders interested in working with
FactorTrust
can contact auto@FactorTrust.com

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to learn more or visit the company's website
at http://ws.factortrust.com/markets/auto-lending/.

"Leveraging FactorTrust's database will help subprime auto
lenders and others in this industry offer more opportunities to millennial and
underbanked consumers as a whole," Brackin said.

"The primary driving force of this practice is the data.
With better risk prediction, lenders have the ability to be more competitive
without sacrificing sound credit policies, and consumers benefit by more
favorable terms," he continued.

"Truly a better 'look to book' story regardless of which
side of the desk you happen to be on," Brackin added.

Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.


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