Trust Science Review: Features, Integration and Pricing 2023
Financial institutions and lenders face various challenges when lending to individuals or companies. These challenges range from identifying creditworthy people to managing risks and customer relationships. What if there was a platform that could help you identify great lending opportunities? Such challenges are what Trust Science aims to solve.
Trust Science is breaking boundaries with its fact-checking and data-gathering. It ensures that people’s access to loans is not biased against specific demographics. Also, it makes it easier for trustworthy people who might not have their credit files to access loans.
This review will explore how Trust Science is revolutionizing the lending service. Read on to learn about their product details and pricing and how they can help you attract exceptional borrowers.
Trust Science Overview
According to research conducted by TransUnion, about 45 million Americans have little to no credit profile. People in this category typically have difficulty accessing loans if they even get them.
Looking at this data from the lenders’ perspective, it is high risk to lend to people with very little credit history. However, this also means they can miss opportunities, especially with people who just got their credit accounts. Trust Science provides alternative data that gives lenders information about potential consumers.
In 2014, Evan Chrapko (founder and CEO), Shane Chrapko (co-founder), and Leo Chan (co-founder) established Trust Science. The company aims to empower lenders to extend credit access to suitable consumers.
From auto lenders to installment and single repayment lenders to property managers and landlords. Trust Science AI streamlines lending processes to expand portfolios and boost profits.
Since its founding, Trust Science has raised $20.3 million through series funding via Crunchbase. Trust Science is a fast-growing company with over 50 patents in over ten countries.
- Established: 2014
- Founders: Evan Chrapko, Shane Chrapko, and Leo Chan
- Office: Edmonton, AB, Canada
5 Core Features of Trust Science
Expert Opinion
Rating: 4.5/5
Trust Science helps lenders make better credit decisions using artificial intelligence and alternative data sources, which can help people with limited credit histories get the loans they need.
Trust Science explainable AI has made it easier for us to check potential customers’ creditworthiness. With its insightful data sets, we can determine how much a customer may access without posing much risk to default.
However, the pricing section is one of the first areas we hope they improve on its website. We couldn’t determine their pricing models. Also, the website had no FAQ section or live chat, which could have further improved the customer experience.
Generally, Trust Science excels in our performance review and provides solutions that help save lenders time and improve efficiency. Their tools are intuitive to use and integrate with other financial platforms.
Notable Feature of Trust Science
Trust Science uses AI to combine different data sources to provide lenders with accurate information. Its customizable products give clients valuable tools for finding profitable loan opportunities. Below are some of the features Trust Science provides to its clients:
1. Prescreen and Direct Marketing
Trust Science provides Prescreen and Direct Marketing solutions that use AI-driven credit scoring and risk assessment capabilities to help businesses, especially in the financial sector, with targeted marketing strategies and customer acquisition. These solutions aim to improve marketing efforts by identifying potential customers more likely to respond positively to specific offers or financial products.
Trust Science’s Prescreen solution helps lenders find potential customers more likely to be eligible for and interested in specific financial products or services. It analyzes various data points using AI-based credit assessment models, including alternative data sources. The tool can then identify individuals who meet the criteria for specific offerings, such as loans or credit cards.
This solution enables lenders to focus their marketing efforts on individuals more likely to be eligible and interested, improving conversion rates and reducing marketing expenses.
Trust Science helps businesses create targeted and personalized marketing campaigns. It does this by tailoring marketing messages and offers to specific market segments. This personalization allows Trust Science to create more effective marketing campaigns that resonate with the intended audience and drive better response rates.
2. Loan Decisioning
Deciding which customers are the right fit to give credit can sometimes become a long process. Leveraging the power of AI/ML Trust Sciences helps you simplify this process. Its solution assesses each customer’s risk level and other factors to provide valuable insights.
With these insights, you can quickly make informed decisions about which customers have suitable profiles and which investments to pursue. Your customers will have a better experience if they don’t have to wait too long to access credits.
3. Six°Score™
Six°Score™ is Trust Science’s AI-powered credit scoring system. It provides an alternative credit assessment method beyond the traditional bureau data. It uses AI to help lenders find good borrowers even if they don’t have much credit history.
Six°Score™ combines data from traditional credit bureaus with data from sources like rental payments, utility bills, and cell phone payments, as well as other non-traditional data points. This approach aims to help people who don’t have a strong credit history or are usually not well-served by traditional credit scoring systems.
Trust Science uses machine learning and predictive analytics to create a credit assessment model that looks at more data points than just credit reports. This model aims to provide insights into an individual’s credit risk and reliability.
Six°Score™ also provides Trust Science’s customers with Recommended Loan Amount (RLA) and Recommended Payment Amount (RPA) for payday and installment loans.
RLA helps lenders decide how much money to lend someone who wants a payday or short-term installment loan. It assesses the lender’s risk tolerance and the borrower’s risk. The tool aims to help lenders make better decisions and maximize the amount of money they can lend to borrowers while minimizing the risk of default.
4. Lead-to-Loan™ & One-Touch-Lending™
Lead-to-loan and One-Touch-Lending are Trust Science patented solutions. These solutions follow the Fair Credit Reporting Act (FCRA) and are expandable and customizable.
It integrates with Credit Bureau+ to automate credit decisions, saving time and improving customer experience. Trust Science also facilitates work across various industries and use cases.
5. Anna the Virtual Loans Officer™
Anna the Virtual Loans Officer™ is an AI-powered virtual assistant developed by Trust Science. She uses artificial intelligence and machine learning to help lenders automate and enhance the loan application and approval process. Anna assists both lenders and borrowers throughout the journey.
Anna™ helps lenders decide how much to lend to a borrower. It examines the applicant’s ability to repay regularly. The tool recommends a payment amount (RPA) for loan optimization. Anna™ also offers custom rates and terms, ensuring fair lending and an inclusive environment. Additionally, Anna™ uses risk-centric pricing tiers to cut the risk of default.
6. Banking
Banking by Trust Science is a tool that helps lenders verify applicant banking information and review income sources. It also provides cash flow insights that can help reduce risks. The tool aims to help lenders determine loans quicker and more accurately and have updated access to a customer’s KYC information.
Trust Science Banking provides instant bank verification. It checks important information from banking data to reduce the risk of fraud and make the experience smoother for everyone involved.
Trust Science Use Cases
1. Auto Lenders
Trust Science’s FCRA-compliant platform enables the subprime lending industry to make automated credit decisions using advanced insights for consumers with little credit history.
Auto lenders face challenges when deciding whether to approve selling on credit. The lender must consider not only the borrower’s creditworthiness but also the vehicle to be financed, the loan terms, and their ability to collect the loan if the borrower defaults.
With Trust Science’s machine learning models, lenders evaluate risk better by considering all relevant factors. These models use data from past loans to predict the likelihood that a borrower will repay a new loan. This can help lenders grow their businesses and serve their customers better.
2. Short-Term & Single Repayment Lenders
As rules and the market change, it’s becoming clear that if short-term lenders want to stay in business, they need to make better decisions about who they lend to.
Trust Science’s system uses machine learning to score credit and other data to help lenders make loan decisions quickly and profitably.
3. Installment Lenders
Trust Science’s data system allows its clients to learn much about an applicant’s background, which can help them make more loans and have fewer defaults.
Installment lenders can make better decisions about who to lend to and how much to lend them by using Trust Science’s credit scoring machine learning models. They can also automate much of their lending process.
Pricing and Plans
Trust Science does not openly disclose pricing details or plans on its website. Instead, it offers solutions and pricing structures based on the needs and scale of the businesses it works with.
Due to the customized nature of its offerings, Trust Science typically engages directly with businesses to understand their needs and provide a tailored solution with pricing specific to those requirements.
To get more information on their pricing models, you can contact their direct line at +1 (587) 393-6619
Terms and Policies
Before you start using the Trust Science website or any of its services, it is essential that you read and understand its terms of use and privacy policies. By using the Trust Science website or its products, you agree to be bound by these terms. Trust Science reserves the right to change these terms and policies.
Trust Science collects your information from various sources, including its websites, public databases, paid services, SMS, APIs, emails, apps, buttons, widgets, ads, and commerce services. You also give us information when you use our services on our website, through our partners, via our API, or through our mobile apps.
By using Trust Science’s services, you agree to let it collect, transfer, process, store, share, and use your information in the United States, Canada, and any other country where it operates.
You are not allowed to use Trust Science’s services fraudulently or in a manner that would compromise their credit reporting or credit scoring systems. Trust Science reserves the right to suspend or terminate your use of its services if you don’t comply with its terms of use.
You can visit their website’s terms of use section for more information.
Customer Support
Trust Science has various channels through which its customers can reach it. Clients can contact the support team through the contact information provided on its website.
Trust Science also offers additional resources on its website to assist clients through articles and information from various financial institutions.
Contact Information:
Address: Floor 11 | 10130 – 103 Street | Edmonton, AB, Canada | T5J 3N9
Toll-Free Tel: + 1 (866) 687-8789
Direct Tel: +1 (587) 393-6619
Email: marketing@trustscience.com
Conclusion
Growing revenue and reducing risk can be challenging for auto lenders, installment, single repayment lenders, property managers, or landlords. While using credit scores from traditional data has served to some extent, it can hide opportunities to expand your credit portfolio to consumers with insufficient credit history.
Trust Science’s cutting-edge solution offers hope for these “invisible primes”- creditworthy individuals with low credit scores and limited credit histories. Trust Science leverages traditional and alternative data sources to give lenders more insights, helping them automate and increase revenue.
To explore Trust Science, you can start by filling out this form on their contact page.
Contributors: Chukwu Innocent (Technical Writer), Rhoda Eyimofe (Graphic Designer)
