This week, alternative credit data provider FactorTrust announced a partnership with predictive analytics and digital decisioning company, Enova Decisions, to integrate FactorTrust’s proprietary data into its Colossus digital decisioning platform.
Executives highlighted the integration will strengthen Enova Decisions’ platform with additional proprietary data that will result in improved automated, real-time operational decisions for its customers.
Chicago-based Enova Decisions supports numerous industries, including financial services, telecommunications and higher education. The company’s data-driven solutions can help clients in the financial services industry specifically improve their operational decisions instantly and at scale.
“FactorTrust is proud to assist industry leaders like Enova Decisions with their data needs,” FactorTrust chief executive officer Greg Rable said. “Our alternative credit data enables their clients to gather the full picture on likely consumers, thereby extending appropriate credit options to consumers that may otherwise not receive it — a shared goal of FactorTrust and Enova Decisions.”
In its 14-year history, Enova, parent company to Enova Decisions, has extended more than $19 billion in credit to nearly 5 million customers around the world, using Enova Decision’s advanced analytics and decisioning technology.
“Adding additional non-traditional data is important to our overall data integration strategy,” Enova Decisions chief analytics officer Joe DeCosmo said. “FactorTrust’s proprietary data helps fill in the gaps that traditional data can’t provide—and contributes to our analysis of consumer data in real-time through our tailored analytics, AI and decisioning technology.
“This further enables our clients to quickly transform their underwriting, offers, payments decisions and more, to deliver a better customer experience and improve business performance,” DeCosmo added.
FactorTrust again among Inc. 5000
In other company news, FactorTrust was named one of the fastest-growing private companies in the U.S. by Inc. 5000. For the second consecutive year, not only was the company the only private, alternative credit bureau to make the list, but it was also ranked the eighth fastest-growing financial services firm in Georgia.
This is the fourth year FactorTrust has been named to the list for its significant growth in revenue and company size. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small and midsized businesses. The average company on the list achieved a three-year growth of 481 percent.
“Our growing team of industry champions set us on the path to unprecedented growth in both revenue and innovation in recent years,” Rable said. “Our team’s expertise, coupled with better recognition of the impact of alternative credit data for evaluating creditworthiness of underbanked consumers, is driving FactorTrust as the leading alternative credit reporting and analytics agency.”
The Inc. 5000’s aggregate revenue is $206 billion, and the companies on the list collectively generated 619,500 jobs over the past three years. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.
“The Inc. 5000 is the most persuasive evidence I know that the American Dream is still alive,” Inc. president and editor in chief Eric Schurenberg said. “The founders and CEOs of the Inc. 5000 tell us they think determination, risk taking, and vision were the keys to their success, and I believe them.”