Data Consortiums are About Getting the Full Picture

At the highest level, data consortiums are repositories which bring together disparate sources of information into a central location to form a more complete picture. For ID Analytics, this means gathering insights on identities – how they are behaving and how they are being used – across a wide range of U.S. industries. By pulling all of these perspectives together in a single data repository, ID Analytics is able to gain a comprehensive understanding of identities – which allows us to solve fraud, credit and identity risk challenges like no one else.

The ID Network®: The Data Consortium Behind Every ID Analytics Solution

ID Analytics’ data consortium is the ID Network®, and its unique visibility across a multitude of lending and service industries form the foundation of our insights and assessments. The ID Network is built off the data contributions of our clients – when organizations request a solution from ID Analytics, they allow us to take the event data being evaluated and place it into the network. What’s more – they also agree to follow-up and tell us the outcome of that event – was the application approved, did the account change turn out to be fraudulent, is the consumer still paying, etc.

The end result is an ever-growing ecosystem of knowledge – clients request insights from the ID Network, and in doing so, they contribute data which makes the network an even stronger resource for the next evaluation.

Breadth & Currency: The Critical Consortium Qualities

Many risk managers are familiar with the concept of data consortiums from the “big 3” U.S. credit bureaus. However the ID Network sets itself apart from the consortiums operated by these bureaus based on two essential qualities:

Breadth of Industry Insights:

If a data consortium is about bringing together as many relevant perspectives as possible, it stands to reason that more is better – right? The ID Network certainly has visibility into most of the markets covered by credit bureaus – like credit cards, auto lending and mortgage – but also has insight into critical industries like telecommunications, online and subprime lending which credit bureaus are largely blind to. The end result is a more complete understanding of how U.S. identities are operating in the U.S. marketplace.

Currency of Insights:

The ID Network has the ability to update itself in near real-time, allowing ID Analytics’ solutions to see events which occurred only moments earlier and factor them into a risk assessment. Especially when it comes to fighting fraud in digital channels, where criminals can submit numerous of applications in a matter of seconds, this differentiated capability becomes a critical asset.

The ID Network Today

Today, fifteen years after its launch in 2002, the ID Network receives more than 100 million new identity elements every day, from market leaders in nearly 20 industries, and contains over 4.2 million confirmed frauds. With ever-growing coverage into nearly 100% of credit-active U.S. consumers, the ID Network continues to be at the heart of ID Analytics’ corporate strategy – providing the more complete picture of identities needed to solve today’s risk challenges, while driving our innovation for tomorrow.