>> ACCORDING TO MANAGEMENT
CONSULTING COMPANY
ARE WHITE AND THEY USE IT YOU
CAN TEACH VANTAGE SCORE CREDIT
SCORES HAVE INCREASED BY MORE
THAN 300%
OVER THE LAST 5 YEARS JOINING
US NOW TO DISCUSS IS JEFF
RICHARDSON IS THE VICE
PRESIDENT OF MARKETING
AND COMMUNICATIONS AND GET YOUR
SCOOTER SOLUTIONS SO THEY COULD
BE ON THE SHOW THANKS FOR
JOINING US. THANKS FOR HAVING
ME SO WHAT DISTINGUISHES AND
YOUR SCORE FROM THE TRADITIONAL
MODEL.
>> SAVANNAH SCORES BEEN IN THE
MARKET SINCE
2006. AND THE
PRIMARY DIFFERENTIATORS ARE WE
WILL PRODUCE MORE CONSISTENT
SCORE. SO IT'S REALLY ANNOYING
WHEN LIKE YOUR CREDIT SCORE
FROM EXPERIENCE. A 100 POINTS
DIFFERENT THAN YOUR PRESS
CORPS. THE OTHER BUREAUS SO WE
HAVE A CONSISTENT OUR THEM
ACROSS ALL 3 SAID THAT
VARIANCES ELIMINATED AND THEN
WE SCORE MORE PEOPLE WILL SCORE
ABOUT 40 MILLION MORE CONSUMERS
THAN OTHER CONVENTIONAL MODELS.
>> AND HOW TO CONSUMERS AND
LENDERS ACCESS TO STATE UH
YEAH.
>> SO THE LENDERS THEY ACTUALLY
BY THE SCORES FROM THE BUREAU'S
AND THEY USE THEM FOR
UNDERWRITING AND ALSO FOR THE
PURPOSES FOR CONSUMERS, THE
CHANCES ARE YOU'VE GOT YOUR
CREDIT SCORE ONLINE YOU GOT A
VANTAGE SCORE. ONE OF BEST
PLACES TO GO IS BY DOWNLOADING
THE LENDINGTREE APP WHERE YOU
CAN GET A FREE MAN ITS CORE
CREDIT SCORE. A LOT OF OTHER
INFORMATION.
>> HOW COULD THE MORTGAGE
INDUSTRY BENEFIT FROM IMPORTING
MORE COMPETITION AND CREDIT
SCORING MODELS.
>> SO BELIEVE IT OR NOT THE
MORTGAGE MARKET HAS USED THE
SAME CREDIT SCORE MODEL FOR
LIKE 25 YEARS.
SO CONSUMERS.
>> BORROW VERY DIFFERENTLY THAN
THEY DID BACK THE MORTGAGE
MARKET NEEDS TO KEEP
PACE WITH CONSUMER
BORROWING BEHAVIORS. THE DOT
MODELS THAT ARE MORE REFLECTIVE
OF TODAY'S CONSUMERS SO WE HAVE
COMPETITION THE LENDERS CAN
CHOOSE THE BEST MODEL FOR THEIR
BUSINESSES.
>> ALL RIGHT AND WHAT ABOUT
MACHINE LEARNING.
HOT TOPICS IN THE TECH SECTOR
OUT OF THIS AND HELP US CATER
TO A LARGER POOL.
>> THAT THERE'S
A LOT OF CHATTER AROUND MACHINE
LEARNING AS YOU GUYS KNOW THE
WAY THAT WE USED IT IS IN THE
DEVELOPMENT OF OUR LATEST MODEL
SO MILLIONS
OF DIFFERENT DATA PERMUTATIONS
ARE POSSIBLE WITH THE CREDIT
FILE INFORMATION. SO WILL USE
COMPUTER POWER TO FIND THE MOST
PRODUCTIVE RELATIONSHIP TO
BUILD THE
MODEL INITIALLY THE DATA
SCIENTIST WHO'S A HANDS ON
APPROACH APPROACH TO TO
ACTUALLY BUILD
THE ATTRIBUTES AND THAT'S
IMPORTANT TO KNOW BECAUSE WE
CAN REASON COAT IT AND MAKE
SURE THAT IT'S EXPLAINABLE
TO CONSUMERS. SO THE END OF THE
DAY HAVE A COMPLIANT CREDIT
SCORING MODEL THAT CAN SCORE
MORE PEOPLE, ESPECIALLY THOSE
WITHIN FILES, I'M REALLY
CURIOUS
ABOUT IT.
>> AND REALLY WHAT IT IS TOLD
YOU ABOUT MILLENNIALS BECAUSE
WE THINK ABOUT US WE'RE A
GENERATION THAT CAME
OF AGE DURING THE FINANCIAL
CRISIS AND DURING THE COVER OF
US GRADUATED INTO THE FINANCIAL
SIDE.
WHAT WHAT MARCH LOANS
DID TO PEOPLE THAT I'M READING
AND PEOPLE WHAT HE FOUND AT
YOUR COMPANY ABOUT OUR
RELATIONSHIP A CREDIT WATCH
THAT.
>> THE INDUSTRY IS REALLY
SERVING MILLENNIALS
RIGHT NOW. WHAT WE FOUND IS
THAT OBVIOUSLY STUDENT LOANS
ARE THE OTHER BIG STORY FOR
MILLENNIALS RIGHT. BUT IT'S
ACTUALLY A GOOD THING TO FOCUS
ON PAYING DOWN YOUR STUDENT
LOAN, BUT THAT MEANS YOU HAVE
ONLY
ONE ACCOUNT MAKES YOU CAN FILE
CONSUMER SO VERY HARD FOR OTHER
MODELS TO SCORE US KOREA AND
ALSO FUNDAMENTALLY LIKE.
AGE OF AN ACCOUNT WHICH IS THE
FACT IN MOST SCORING
IT'S TAKEN INTO CONSIDERATION,
WHAT WE FOUND IS THAT DESPITE
HAVING A THIN FILE CONSUMERS, A
CONSUMERS HAVE A PRETTY GOOD
INCOME AND ASSETS AS COMPARED
TO THEIR WILD COUNTERPARTS AND
THAT'S UNLIKE ANY OTHER
GENERATION BEFORE. SO WE
RECOGNIZE THAT EARLY ON IN WITH
OUR WITH OUR LATEST MODEL WE
DOWNPLAYED THE AGENT TYPE OF
CREDIT CATEGORIES SO THAT WE
CAN BETTER SCORE MILLENNIALS
AND THE SCORE
THEY GET IS MORE OF A
REFLECTION OF THEIR TRUE CREDIT
HEALTH AND I THINK SOME OF THE
OLDER MODELS.
>> AND THERE'S A THING CALLED
THE TREND IN CREDIT DATA WHAT
IS IT AND.
THE COMPANY LEVERAGING US-CHINA
CREDIT DATA IS AVAILABLE AT
ALL.
>> 3 BUREAUS.
>> AND INSTEAD OF JUST LOOKING
BACK LAST MONTH AT SAY YOUR
CREDIT CARD BALANCE WE'LL
LOOK BACK 24 MONTHS TO SEE HOW
THAT BEHAVIOR TRENDED SO IF THE
HOLIDAYS,
GOOD, BUT A POPULAR TO BE USING
CREDIT CARDS RIGHT NOW NOT
REALLY FAIR FUN JOB IN JANUARY
THEY CHECK YOUR CREDIT SCORE.
YOU'RE BEING PENALIZED FOR
A HEAVY NOVEMBER AND DECEMBER
IT'S BETTER WE LOOK 24 MONTHS
SO WE CAN DETERMINE WHO'S
REALLY THE RISKIER BORROWERS.
>> ALL RIGHT GOOD SUBJECT.
THAN