Your customers now have another option to watch for activity associated with their credit file.
On Tuesday, sponsor FactorTrust launched what’s being dubbed FactorTrust Credit Monitoring, a service that can observe activity within the FactorTrust credit file.
The company explained this new service allows for monitoring of alternative credit activity and is intended to be a valuable addition to existing consumer credit services focused on traditional credit activity.
FactorTrust insisted the new service fills a void in the market by monitoring alternative credit activity that is not represented in the traditional credit bureaus. In addition to monitoring activity for consumers with existing FactorTrust credit files, it is able to identify new consumers as they’re added to FactorTrust’s credit file.
For both new and existing consumers, credit activity can be identified, and those consumers may be alerted to that fact to ensure it’s not due to fraudulent activity.
“The fact that an alternative finance loan resulting from fraudulent activity would not previously show up in traditional credit monitoring subscription services is deeply concerning,” FactorTrust vice president of strategic initiatives Megan Strub said.
“This new service was created to serve this need for providers, and in turn offers consumers with more complete identity protection,” Strub continued.
FactorTrust’s Credit Monitoring can keep track of the FactorTrust credit file for certain events and changes in credit data to identify potential identity theft as well as changes to an individual consumer’s credit file, which could impact their creditworthiness.
These alerts can be generated on a daily basis (batch) or in real-time. The alert delivery service is available to the third parties so they can notify consumers enrolled in their consumer credit services.
“Our credit monitoring of consumer data resolves the issue of incomplete information from credit bureaus that only monitor traditional data,” FactorTrust chief executive officer Greg Rable said.
“The value in FactorTrust’s credit monitoring is that it expands the universe of protection to include real-time loans from alternative financial service providers, enabling a larger safety net and allowing consumers to take immediate action to resolve potential issues,” Rable went on to say.