Consumer Income Estimation Model Evaluation

This document is a technical report that evaluates an updated consumer income estimation model, Consumer IncomeView+, developed by Equifax. The report outlines the challenges faced by a mid-sized financial institution that relied on a legacy income estimation model and sought to improve its decision-making processes. The institution tested the new model to determine its effectiveness in reducing additional verifications and enhancing marketing segmentation accuracy. The analysis indicates that Consumer IncomeView+ can decrease the need for additional income verifications by 19% and improve segmentation accuracy by 7% compared to the legacy model. The report details the advantages of the new model, including its broader income estimation range, incorporation of newer data, and improved performance. Additionally, the document discusses various non-adverse actionable applications of Consumer IncomeView+ across the consumer lifecycle, emphasizing its potential to streamline processes and enhance customer experiences.