Traditional credit bureaus rely on National
ID numbers such as the social security
number used in the United States
for consumer identification. This
approach precludes emerging markets
without existing or reliable National
ID systems from benefiting from the
economic productivity and resiliency
engendered by broad exchange of credit
information.
Reliance on simple ID numbers for consumer
identification has resulted in widespread
identity theft problems. Obviously, ID-only
systems are inadequate at meeting modern
needs for credit information exchange
and cannot effectively protect consumers
and lenders from certain classes of financial
fraud.
CreditRegistry’s pioneering credit
reporting services with integrated biometrics
will let your credit institution achieve
the following real gains in large-scale
consumer credit:
- Grow faster. Pre-screen
and acquire new customers quickly
- Improve risk measurement. Obtain
comprehensive credit reports and
credit scores in less than one minute
- Prevent financial fraud. Know
your customer’s “true
identity”
- Lower default rates. Efficiently
exchange credit information
- Reduce costs. Automate
the management of large-scale consumer
credit
