We understand that not all consumers have access to credit – due to geographic location, credit history or lack thereof, or a combination of factors. For this reason, we have designed Compuscore PSY, a suite of predictive scores for consumers who were previously unable to access credit.
Credit providers can use Compuscore PSY to improve their offers or better inform their lending decisions when dealing with ‘thick file’ consumers who have not been declined.
Psychometric information has proved predictive for insurance, collections and fraud. As an additional service, bespoke scorecards can be built according to specific needs.
Compuscore PSY in a nutshell
The Compuscore PSY scores are designed to predict credit risk, based on a consumer’s psychometric information. They can be calculated after a consumer completes the relevant multiple-choice quiz. In the quiz, a series of questions are proposed to which the consumer has a set of image-based options from which to choose in response. The consumer’s choices are then analysed in terms of their main personality traits across, among others, the ‘Big 5’ psychological constructs. These are openness, conscientiousness, extraversion, agreeableness, and emotional stability.
The Compuscore PSY suite consists of four psychometric scores:
- Thick File Model (Compuscore PSY) – if not using Compuscore.
- Thin File Model (Compuscore PSY_T) – Use this score for bureau thin files or those consumers that do not have credit histories.
- Hybrid model (Compuscore PSY_H) – Use this score with Compuscore V3. Both models are aligned in terms of the scaling.
- Hybrid model (Compuscore PSY_HU) – Use this score with Compuscore V3 Unsecured. Both models are aligned in terms of the scaling.
- A consumer approaches a lender asking for credit.
- The lender requests a psychometric score from Compuscan depending on the lender’s needs.
- If no stored score is available or if the lender wishes to generate a new score, a link to the psychometric quiz is generated by Compuscan’s API.
- This link is then provided to the consumer.
- The consumer answers the questions on the quiz.
- The psychometric scores are generated and provided to the lender.
- The lender is able to make an informed decision regarding the application.
How long does it take?
Our aim is to make this process as convenient as possible, for both the lender and the consumer. As such, the entire process, from application to result, can be carried out in as little as 5 minutes.
Try it out!
Test the demo quiz HERE or sign-up for a 3-month FREE trial period of the full quiz by signing the Agreement Contract and returning it to: [email protected]. For more information, contact your account manager or email [email protected].
Terms and conditions apply:
The 3-month period is applicable from the date the client agreement is signed. Thereafter, standard rates apply: psychometric credit score costs R3.00 (ex. VAT), and on-file psychometric credit score costs R6.00 (ex. VAT) – volume discounts are available.