Buying a car, buying a house, starting a business – for most people, the fundamental tenets of the American dream rely on having access to credit.
It’s clear that in the United States, credit access matters.
But for non-prime consumers, accessing credit can be difficult. There are many reasons a person might have a low credit score, but whether it’s due to a past mistake, a lack of credit history, or other factors, many major lenders don’t want to take the risk. That’s where Concora Credit comes in.
Helping non-prime customers do more
Concora Credit is dedicated to serving non-prime consumers, a population that really benefits from credit access but can struggle to get it. A typical Concora Credit customer has a credit score of around 585, and may be trying to rebuild their credit but facing rejection from major lenders.
For more than 20 years, Concora Credit has been helping them make key purchases and build a credit history to raise their score and borrowing power.
While many lenders see the non-prime segment as risky, Concora Credit has long recognized that no business is without risk. The company offers both general-purpose and private-label credit cards, and both products are carefully tailored with underwriting strategies that help identify consumers who will pay.
Identity verification the easy way
The first step in identifying consumers who will pay is making sure that you know who the consumer actually is.
Identity verification is a critical part of any lending fraud prevention system, and in Concora Credit’s case, it’s particularly important. Making sure that it knows who is applying can mitigate the risks and reduce losses to fraud. That, in turn, allows the company to help more legitimate customers access and build credit.
Because Concora Credit’s application can be filled out online, identifying potential fraudsters is particularly important. To facilitate identity verification, Concora Credit pulls synthetic abuse and ID theft scores from SentiLink to identify applications that require greater scrutiny before approval.
Keeping up with evolving fraud threats
For all lenders, fraud prevention is an ongoing battle. For example, Concora Credit Vice President of Data Science David Kubota says that in early 2024, the company noticed fraudulent applications from one of its distribution channels. The company was able to quickly implement a new rule leveraging SentiLink’s ID Theft Score to cut off the fraudsters’ access to cards.
“SentiLink is one of our favorite companies to deal with,” Kubota says, in part because SentiLink has been willing to offer granular details, and allow Concora Credit to evaluate new solutions very quickly in response to emerging fraud threats.
“You have an analyst mindset to your company, and design your data in ways that are easy to think through, easy to use, and easy to evaluate,” he says. “We’ve been able to identify bad actors that we wouldn’t have been able to without SentiLink.”
And that, in turn, has allowed Concora Credit to keep doing what it does best – helping real individuals access and grow their credit, even in the face of ever-evolving fraud threats.
Want to find out how SentiLink might be able to help your company lend more and lose less? Book a call with our fraud intelligence experts today.
