Credit screening optimization

Our client processes thousands of credit applications on a 24/7 basis, as part of their online finance business. Processing time and cost of the application process are essential to the profitability of their business.

A key part of the application process is to run the borrower’s information through a number of sequential steps which include internal checks and several different credit bureaus, each with different costs and processing time. After each step, the client either rejects the borrower’s application or goes to the next step.

The client engaged EpiX to determine the best sequence of steps to minimize the processing cost and/or time, while maximizing revenues.

EpiX first reviewed the client’s current processes, and then performed a complex statistical analysis over a vast number of transactional records, which was used to calculate conditional rejection probabilities for each potential sequence of steps. Using this information, EpiX developed a stochastic optimization tool that allows the client to optimize the steps, and also test what-if scenarios that remove or add extra steps.

The developed tool also included thorough documentation and training, and its implementation has resulted in significant cost savings for the client’s core business.

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Brief History of EpiX Analytics

EpiX Analytics was founded in 2003 in Princeton, NJ under the Vose Consulting name, and among its offerings it included specialized software to perform Monte Carlo simulations. Read More >>