Zest AI’s alliance with LexisNexis risk solutions amplifies the power of alternative risk data

Zest AI, the leader in AI technology for credit, announced today a strategic alliance with LexisNexis® Risk Solutions. The alliance provides lenders easy access to industry-leading alternative data products through Zest AI machine learning underwriting models.

Lenders want a more thorough understanding of applicants, especially for potential consumers who do not have long credit histories. Approximately 45 million US adults do not have enough credit history to allow for traditional credit scoring according to the Consumer Financial Protection Bureau. LexisNexis Risk Solutions provides lenders a more comprehensive view into each applicant through alternative data such as public records, asset ownership, and occupational licenses to generate a more complete loan applicant picture. Enhanced profiles fed into Zest technology helps lenders make better decisions during the loan approval process.

“LexisNexis Risk Solutions provides data that helps lenders and creditors better assess the risk of thin-file consumers,” said Robert Carlson, Director of Corporate Development at Zest AI. “Utilizing our technology and data from LexisNexis Risk Solutions empowers our customers to make better and fairer lending decisions, increasing access to credit for applicants often overlooked due to limited credit history.

The alliance makes it easy for lenders to measure the contribution of each data product to assess applicant risk. Zest’s explainable AI technology allows lenders to assess any combination of consumer credit data variables to evaluate their ML underwriting model in comparison to their old model. Lenders can quickly and easily put this new model into production when ready.

“This alliance is another channel for us to help our customers make more informed credit risk decisions,” said Ankush Tewari, vice president, Market Planning for LexisNexis Risk Solutions. “We are eager to help our customers offer more thin-file applicants the credit options they deserve.”

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About Zest AI

Zest AI makes the power of machine learning safe to use in credit underwriting. Lenders using Zest make better decisions and better loans — increasing revenue, reducing risk, and automating compliance. Zest AI was founded in 2009 with the mission of making fair and transparent credit available to everyone and is now one of the fastest-growing fintech technology companies. The company is headquartered in Los Angeles, California. For more information, visit zest.ai. Follow us on Twitter and LinkedIn.

About LexisNexis Risk Solutions

LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.