Addition of industry leading cash advance lender adds to the largest U.S. database of under-banked consumer loan data.
ROSWELL, Ga., Sept. 13 // PRNewswire // -- FactorTrust, Inc., the fastest growing global Credit Reporting Agency (CRA) providing under-banked consumer risk management and analytics services to the alternative financial services industry, today announced the launch of its storefront service with a key group of large storefront lenders, including the second largest cash advance lender in the U.S., ACE Cash Express. FactorTrust will continue to build its database of under-banked consumer information by offering improved analytics and risk management services to storefront lenders. "We've worked very hard to grow our business, and by doing so, continue to maintain the most accurate and predictive under-banked consumer loan database in the U.S. for our customers. Today marks another significant milestone in that ongoing effort", said Greg Rable, FactorTrust CEO.
The proprietary information provided by FactorTrust assists lenders in their underwriting process and provides consumers with important benefits, as well. Every lender utilizing FactorTrust's LendProtect service is required to report loan performance data daily. The inclusion of this data enables lenders to make the most insightful and timely underwriting decisions possible, while allowing consumers the opportunity to demonstrate positive repayment history.
"ACE Cash Express is very excited to expand our partnership with FactorTrust into the storefront side of our business. Throughout the course of our two year relationship, FactorTrust has consistently proven to be the industry standard for risk management and predictive analytics within the alternative financial services industry. FactorTrust's focus on maintaining data integrity, which benefits both consumers and lenders, is closely aligned with our objectives." says Alexander J. Keechle, Chief e-Commerce Officer, ACE Cash Express.
FactorTrust, Inc. is the fastest growing global Credit Reporting Agency (CRA) providing under-banked consumer risk-management and identity-verification services to alternative financial services providers. The company's LendProtect solution enables payday lenders, auto lenders, installment lenders, credit card issuers, and peer to peer lenders to make quicker, smarter and more profitable underwriting decisions.
ACE Cash Express, Inc. is a leading retailer of financial services, including short-term consumer loans, check cashing, bill payment and prepaid debit card services. ACE is the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States. As of May 6, 2010, ACE had a network of 1,754 stores in 38 states including the District of Columbia, consisting of 1,684 company-owned stores and 70 franchised stores. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services.