This provides an opportunity and a service you can offer. By not only providing a credit report print-out to customers who inquire about one of your services, but also an explanation on why you make certain decisions based on the information included, you can help your customers understand the system better, as well as improve their own credit situation which not only benefits them, but can benefit you through lower risk financing decisions.
As it stands currently, most credit scoring systems simply provide a number, and a history of all reportable changes. You then rely on your company policies and judgement on whether that information means the customer is reliable, or too much of a risk for your institution to do business with.
But with the ever-changing digital marketplace, systems can now be designed that allow that report to be customized for the customer to give them more information and understanding as to why you make the decisions that you make by automatically providing details based on certain information, as well as options you can include for situations where your own judgement comes into play.
By putting a system like this into play in your institution, you’re able to help improve the financial situation and put your customer on a better credit trajectory, helping the customer themselves, you as an institution, and the economy by showing not only where issues lie, but how to improve on them in the future.