Craig Peterson will leverage decades of experience serving credit unions to unlock more value from member data with EDGE’s unique cash flow analytics
CHICAGO, July 20, 2023 /PRNewswire-PRWeb/ — EDGE, a consumer reporting agency and leading cash flow analytics platform, has appointed Craig Peterson as Vice President of Sales for Credit Unions. Peterson will lead EDGE’s offering for credit unions with responsibilities encompassing all new market development and related platform, channel, and product partnerships.
Peterson joins EDGE with deep experience and relationships spanning over three decades working with credit unions including roles at ZestAI and TransUnion as well as leadership in consumer lending at Medallion Bank and Continental Bank.
“We couldn’t be more excited to bring someone of Craig’s caliber to the team,” said Brian Reshefsky, President of EDGE. “His talent and passion to support our nation’s credit unions will unlock tremendous value for them and the members they serve.”
EDGE has developed uniquely predictive risk analytics based entirely on income, spending, and balance behaviors from consumers’ asset accounts including their share-draft accounts with credit unions as well as checking, and savings accounts with other financial institutions.
Similar to the credit attributes and scores of legacy credit bureaus, EDGE provides decision-ready insights and scores that enable lenders to see opportunities and risks for the millions of consumers who are misrepresented by traditional credit data.
“Credit unions serve over 130 million Americans across the full credit risk spectrum,” said Peterson. “Unfortunately, traditional credit scores have historically limited their ability to underwrite members who don’t rate at or above prime. EDGE enables credit unions and other lenders to profitably address the other half of their membership by rewarding responsible saving and spending behavior with access to credit.”
In prior roles, Peterson was instrumental in scaling new risk analytics and technology solutions across credit unions nationwide. He is now leading the EDGE’s efforts to expand its footprint with credit unions including strategies to drive higher approvals and look to book ratios across their member base and indirect lending business.
Peterson’s extensive experience with credit unions brings enhanced understanding of their priorities and challenges to the multi-decade legacy in consumer lending on which EDGE was built and multi-year performance of the company’s Enrich and Score products in risk assessment for millions of consumer credit applications.
“EDGE customers whose primary focus is portfolio growth typically see originations grow anywhere from five to ten percentage points or more without any erosion in performance,” added Reshefsky. “We’re excited to help credit unions approve more members and offer terms more reflective of their members’ true financial health.”
With analytics based entirely on personal financial transaction data, EDGE delivers insights that are orthogonal and complementary to traditional credit bureau reports and scores. As a consumer reporting agency, EDGE is able to process and serve its customers with proprietary cash flow insights in the same way that national consumer reporting agencies operate as clearinghouses for credit data.
Importantly, EDGE’s core offering for credit unions will exclusively leverage each credit union’s own data on its members and their financial accounts as the starting point for a more complete financial picture than traditional credit reports and scores can provide.
“The industry has gradually embraced alternative data in order to better serve members across the risk spectrum, but working with EDGE is a step change for each credit union that we engage because the alternative is no longer new, costly external data sources,” added Peterson. “There’s incredible value in credit unions’ own data that EDGE solutions enable them to unlock and leverage to build better relationships with their members.”
EDGE provides a consumer risk score based on bank account transactions. The platform was launched by the lenders, entrepreneurs, and data scientists who pioneered data-driven digital lending for Everyday Americans. EDGE delivers risk insights for use cases across the credit account lifecycle that have been performance-tested on real world lending decisions on over three billion bank transactions linked to over half a billion dollars in loans since 2017. For more information, visit www.edgescore.com and follow EDGE on LinkedIn at https://linkedin.com/company/edgescore.
We’re excited to help credit unions approve more members and offer terms more reflective of their members’ true financial health.
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