Press

DETROIT, MI (June 29, 2015) — LendingLens (www.lendinglens.com) announced today the launch of its Advantage Beta Program to offer their predictive modeling and analytics platform to a core group of credit unions at no cost for one year.

“Credit unions with assets of at least $10,000,000 and access to their lending result data can qualify,” says Matt Barbour, Director of LendingLens. “They’ll get the competitive advantage of being among the first to use this platform to bring greater speed and consistency to their lending decisions, and will have the opportunity to influence the features and functionality of the product.”

LendingLens will use the historic lending results provided by each Advantage participant to build them an institution-specific predictive model. This model will consider the institution’s historic results along with any current loan application, credit report and score, and borrower specific history to return a predicted probability of default that can be used as the sole measure of creditworthiness.

Participants will get live API access to their predictive model for real-time decisions, custom analytics of their past lending performance, and the ongoing support of data scientists and product specialists. All of this will be provided at no cost for one year in exchange for participants’ active involvement in testing the products and suggesting improvements.

“Credit unions have a wealth of predictive intelligence in their historical lending results, yet it is effectively unavailable to them,” says Barbour. ” Any institution that is not using their historic results as a factor in their decisions is as likely to be leaving money on the table as it is to be making loans that will ultimately charge off.”

Financial institutions interested in participating in the Advantage Beta Program should contact LendingLens today at betaprogram@lendinglens.com, or by calling toll-free, 844-632-2066.

LeningLens is a ForecastThis company based in Detroit, MI. ForecastThis was founded in May 2014 and is based in San Mateo, CA with research and development in Cambridge, UK. The company’s core technology framework, MLSolver, incorporates a number of pending patents and changes how predictive modeling can be deployed in a broad range of industries.