• Jun. 26, 2017, 10:34 pm

Elevate introduces Elevate Labs

 

Online credit provider to non-prime consumers Elevate Credit today unveiled Elevate Labs at its Advanced Analytics center in San Diego.

“What sets us apart is our long history of leveraging advanced analytical techniques, such as machine learning, neural networks, extreme gradient boosted trees as well as other statistical analysis in a way that’s compliant with regulations and beneficial to consumers,” Elevate chief analytics officer Eric VonDohlen said. “We’re creating the most holistic picture of each customer by using more data than any other lender in the space. It’s not uncommon for us to look at 10,000 different individual facts about people who we’re trying to underwrite and build models for.”

Elevate’s analytics aim to help non-prime consumers meet immediate needs while improving their future. They annually invest $40 million in technology, including improvements to DORA, its proprietary risk analytics platform which uses a terabyte-scale Hadoop database containing thousands of elements, 1.5 million customer records, credit bureau data, web behavioral and performance data, bank account data and other elements.

“Given the state of consumer credit in America today, the need for innovation in credit scoring has never been greater,” Elevate CEO Ken Rees said. “Approximately two-thirds of Americans are subprime according to the Corporation for Enterprise Development and FICO and need better credit options.”

 

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