Experian is launching a new range of consumer credit assessment products for lenders, Experian Credit 3D, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The product offers a multi-dimensional view of a borrower’s financial health, instead of a consumer’s credit information at a single point in time. The firm aims to deliver “a more granular and predictive insight into a consumer’s payment behavior”.

Business will be able to combine rental, utilities, council tax, property and mobile data, to provide a view of predictive behaviour and affordability.

“A customer’s current credit position only ever tells part of the story. People’s financial circumstances are multidimensional and unique,” said Tom Blacksell, managing director of B2B at Experian. “We are supporting our customers as they look to keep up with a diverse and ever-changing global population.”

The firm that said that moving away from traditional risk scores by augmenting them with a view of detailed consumer behaviors over time is particularly valuable in making decisions on applications which are currently on the margins.

Alternative non-credit data, including subscriptions and utilities data, can support the approval of applications from consumers with ‘thin’ credit files.

Blacksell added: “By combining all this with our global market leading decisioning capabilities in PowerCurve, and our soon-to-be-announced investments in SaaS deployment, we’ll be able to support customers of all sizes to make intelligent decisions in frictionless, digital environments.”

Recently, Experian, FICO and Finicity joined to create a new type of score, named the UltraFICO score. Designed to specifically help serve thin-file customers, the UltraFICO score focuses on how consumers actually manage their personal finances rather than repayment data from previous credit usage.

Experian demonstrated its cloud-based decisioning platform at FinovateFall 2018. Founded in 1996 and headquartered in Costa Mesa, California, Experian was named one of the top most innovative companies in the world by Forbes magazine for five years in a row.