Enformion Launches Financial Resilience Score (eFR Score)
Sacramento, CA (January 11, 2023) – Enformion, a leading provider of analytics and data intelligence solutions, announces the launch of its innovative Financial Resilience Score (eFR Score) to help businesses gain deeper insights into consumer financial resilience.
For many consumers, the dynamic conditions in the economy and the job and housing markets are a source of additional financial stress and increase the risk of over-extension. This creates additional challenges for marketers and risk managers in understanding consumers’ needs to meet current and future financial commitments. Enformion’s Financial Resilience Score is specifically designed to provide deeper insights into a consumer’s capacity to pay existing bills or for additional spending.
“We are thrilled to introduce Enformion’s groundbreaking Financial Resilience Score, a testament to our commitment to innovation and providing unparalleled insights to our clients,” said Enformion CEO Amber Higgins. “The score helps to provide businesses a more complete picture of financial resilience and payment propensity to inform decisions across existing and new account relationships.”
Enformion’s Financial Resilience Score is a non-FCRA solution derived from an anonymous financial assets database designed to provide a complete indication of financial resilience. eFR Score uses a scoring system with a 1 through 5 rating, with a 5 representing the most resilient households.
“We apply cutting-edge AI and machine learning to alternative data to reveal signals of financial resilience, providing strategic advantages to creditors and collections agencies,” says Venkat Bhardwaj, Enformion’s Chief Product Officer.
With over $1.1 trillion in credit card debt and delinquencies expected to have hit 2.1-2.6% by the end of 2023, Enformion’s Financial Resilience Score helps lenders tackle rising challenges. eFR Score represents the next generation of non-FCRA data intelligence, delivering 4x more effective collectability when used in conjunction with traditional credit risk scores.
The solution can be used in retail, healthcare, telecom, and financial services to improve new customer targeting, enhance existing commercial relationships with highly resilient households, and to segment pre-collection and collection treatment for existing accounts, by focusing on the intersection between resilience and propensity.
In a post-COVID economy with evolving consumer behavior, the score provides a robust view of resilience. eFR Score is not, and goes beyond, the traditional credit score. A substantial portion of consumers in the market have thin or no credit files, yet they may have high resilience and propensity for payment. eFR Score spans that gap to allow businesses to efficiently target new audiences and prioritize existing customers. As economic tides shift consumer payment propensity, eFR Score equips businesses to holistically evaluate their ability to pay.
Enformion’s commitment to innovation and excellence is evident in the eFR Score, which redefines how organizations view existing relationships and forge new ones. With this launch, Enformion continues its mission to provide industry-leading solutions that empower businesses to make informed decisions.
To learn more, please visit https://www.enformion.com or follow us on LinkedIn at https://www.linkedin.com/company/enformion.
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About Enformion
Enformion is a powerful analytics solution provider, offering an unparalleled view of people, businesses, and their interrelationships. 30+ years in the data technology industry has resulted in a database of 120 billion up-to-date records for more than 240 million American adults, including hard-to-verify populations, from 6000+ data sources. Enformion provides solutions for a variety of markets including financial services, identity verification, eCommerce and marketplaces, collections and investigations, and government. For more information about our customized solutions, visit https://www.enformion.com/ or call (855) 281-3915.
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