NATIONAL HARBOR, Md. — As the economy continues to stutter, it's time for credit unions to dig into their secret weapon: all that payment data they have on their membership.
That was the message from Sarah Davies of Vantage Score. While credit scoring models continue to perform well and remain valuable insight for underwriting purposes (
"Credit bureau data is great stuff. It's very powerful when you have seven and a half million files to pull from," she said. "But you can look at your members' individual spending habits and behaviors and overlay that on the score. There a lot of value in your own data brings to the table. When I worked at Chase credit cards, we absolutely used the additional data we had available."
