Datell, a consumer information company serving banks, mortgage lenders and credit card companies in San Diego, Calif., has launched a new tool for consumer character and financial analysis that promises to give lenders more information about prospective loan borrowers than they have ever had access to before.
Founded by Barry Hatfield, a software engineer and Dr. Maria Angelella, a data analytics specialist, the new tool gives underwriters access to information from the consumer's online history, both social and financial, as well as location and tax information. Tapping information streams in the cloud provides a 360-degree view of the consumer, according to the release.
"Both banks and consumers are losing when outdated consumer credit scoring technologies are used to underwrite their deals," Angelella said in the release. "These scores can be gamed, increasing lender risk, and they ignore a mountain of information about the consumer that we can access. Once this data is analyzed, they tell the consumer's complete stories and when lenders take that to underwriting, everyone wins."
Much of the new data that lenders can now access through Dattell is stored on the prospective borrower's cell phones. Consumers have embraced mobile and now use their phones for most of the tasks that they previously relied on computers, televisions and printed materials to complete. While businesses have moved to push more information out through the mobile channel, financial services companies have not been able to pull consumer information back through this channel until now. Angelella emphasizes that housing is a critical need for so many people and usage of this technology will address those big needs in the shortest amount of time.
"We have access to the network and with the consumer's permission, which they will gladly grant for access to credit, we can pull in more data than anyone before us ever thought possible," Hatfield said. "Once the data are organized and made searchable, our clients can set their criteria, receive a custom report and make better underwriting decisions."