Callcredit to move GeoFraud development in-house
Credit reference agency Callcredit today announced that DecisionMetrics, the UK's leading provider of analytics and decision management technology and sister company within the Callcredit Information Group has redeveloped GeoFraud, the unique and powerful segmentation tool.
Callcredit will continue to work with current developer Jaywing across other projects to support clients into 2009.
GeoFraud uses a sophisticated blend of data to produce a postcode level fraud index that can be used to add value at any stage of the customer lifecycle, from acquiring new business to managing existing customers. GeoFraud's initial development was client driven to enable significant reductions in fraud losses and streamline operational processes.
John McAndrew, Managing Director of Callcredit said, "We've had a successful partnership with Jaywing and will continue to partner with them in other areas. DecisionMetrics are innovative industry leaders and after acquiring them back in 2007 it soon became clear that their expertise in this area is second to none. As 2009 looks set to continue to challenge the consumer finance industry, the Callcredit Information Group are committed to redeveloping existing products to respond to the changing market conditions and offer more dynamic solutions than legacy offerings."
Gary Scott, Director at Decision Metrics, said, "Whilst lending volumes are clearly depressed due to the effects of the Credit Crunch, the limited availability of credit unfortunately means that the threat of application fraud is increasing. DecisionMetrics and Callcredit are fully committed to tackling this most destructive of industry issues and this is demonstrated by the introduction of this new and significantly improved version of GeoFraud."
NOTES TO EDITORS
• Built using proven fraud cases
• Available as simple annual licence fee or a pay-per-click basis, delivered as a CD or online
• Helps limit exposure on existing high fraud risk customers
• Reduced customer dissatisfaction
• Very easy to implement
GeoFraud uses a combination of datasets, including;
• Known fraud outcome data house prices
• Negative credit data
• Unemployment data
• Electoral Roll data
• Geo-demographic data
• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
• Callcredit check (www.callcreditcheck.com) is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.
• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
• Callcredit is one of six core businesses that form the Callcredit Information Group. The other five are:
• Database management company EuroDirect
• Market analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and affordability assessment specialist DecisionMetrics
• Marketing services and database specialist, Broadsystem
DecisionMetrics (www.decisionmetrics.co.uk ) specialises in undertaking advanced analytical projects for the credit risk market, covering credit scoring, affordability assessment, multi-bureau strategies, and ongoing performance monitoring and solutions implementation.
DecisionMetrics was acquired by Callcredit Information Group in July 2007. Identifying the need for greater independence in the credit risk market, DecisionMetrics provides its expertise, without bias, across all three UK credit reference agencies, providing clients with impartial advice and the opportunity to make best collective use of the different data and value added services available from the three UK credit bureaux.
DecisionMetrics provides a blend of analytical expertise and operational knowledge and experience that ensures that its solutions are not only statistically sound but will fully compliment the operation of the client's business. Projects are approached from the perspective of identifying and providing the best solution for the client rather than dismissing the clients issues in favour of selling something already developed.