Product Overview

Financial institutions across Canada process millions of credit applications a year, and inevitably, a portion of these result in malicious and fraudulent charge-offs. Malicious charge-offs such as bust-out fraud are difficult to prevent and predict, and cost the industry ~$510 million a year.

Credit Abuse Detect can help you predict and prevent credit abuse earlier and easier, reducing your credit abuse costs by 20-30%, which can translate into millions of dollars in savings.

Detect Early

Detect bust-out in the month it is committed -- that's up to seven months earlier than when banks typically detect it. That means significant incremental savings for you, with reduced charge-offs.

Address The Whole Picture of Malicious Chargeoffs

Traditional bust-outs only represent 6% of all malicious credit abuse behaviour. If you're trying to identify malicious charge-offs in house using only your own data, you could be missing 94% of the problem. Credit Abuse Detect uses cross-issuer data to help you detect all 5 types:

  • 6% Traditional Bust-Outs
  • 10% Never Pay Defaults
  • 10% Skip Pay Defaults
  • 10% Age of the Account < 6 Credit Abuse
  • 68% Age of the Account > 6 Credit Abuse

Unique Insights and Customer Solutions from Equifax and Argus

Equifax, in partnership with Argus, has developed Credit Abuse Detect using credit bureau and credit card data to create a consumer-level score to help financial institutions, credit unions and credit card issuers predict and identify malicious charge-offs.