ATLANTA–(BUSINESS WIRE)–FactorTrust, The Alternative Credit Bureau, announces it was ranked as one of the country’s fastest growing private companies by the Inc. 5000. Not only was the company the only private, alternative credit bureau to make the list, it was also ranked the eighth fastest-growing financial services firm in Georgia.
The current year has brought tremendous growth for FactorTrust due to industry growth and better recognition of the impact of alternative credit data for assessing the creditworthiness of underbanked consumers. Part of the growth has been a result of the compliance needs set forth by a Proposed Rule from the Consumer Financial Protection Bureau (CFPB). To date in 2016, the company has doubled its employee base and released two new products,LendProtect ATR and LendProtect MLA, which both focus on lender compliance. Additional product launches are planned for later this year.
“Our ability to thrive in a competitive market is grounded in our team’s foresight and aptitude for understanding our customers’ needs and innovating to meet those needs,” states Greg Rable, FactorTrust CEO. “In a highly-regulated market, it’s imperative that both lenders and service providers stay nimble. This ability to pivot not only benefits lenders, but offers consumers better credit options, as well.”
This marks the third Inc. 5000 ranking for FactorTrust, which is in good company. Inc. reports the 2016 Inc. 5000 is the most competitive crop in the list’s history. The average company on the list achieved an astounding three-year growth rate of 433 percent.
FactorTrust, The Alternative Credit Bureau, is relentlessly dedicated to proven analytics and clean credit information that provide lenders opportunities to grow more revenue, meet compliance regulations and serve more consumers with more credit options.
At the core of FactorTrust is alternative credit data not available from the Big 3 bureaus and analytics and risk scoring information lenders need to make informed decisions about the consumers they want. FactorTrust Alternative Credit Data and Analytics accurately predicts risk and ability to repay of near and non-prime consumer loans in real-time and enables financial service companies an opportunity to uncover creditworthy prospects that are not surfacing via traditional credit sources. Headquartered in Atlanta, the experienced FactorTrust team of predictive analytics specialists, statisticians and financial industry experts has delivered unique data and valuable insight to lenders throughout the U.S. for 10 years. For more information on the quarterly FactorTrust Underbanked Index or the company itself, visit www.FactorTrust.com.
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