MeasureOne is a pioneer in data and analytics, transforming the way consumers can access and share their data with lenders. As the first consumer-permissioned data platform-as-a-service on the market, MeasureOne has the ability to share actionable data in real time and we are looking forward to offering this service to our lenders.
EP. 1 - A Buyer's Guide to Credentialed vs Non-Credentialed Data
Our inaugural podcast! Listen in on a discussion on the difference between credentialed and non-credentialed data for businesses. Credentialed data is obtained directly from consumers through their online accounts, while non-credentialed data is gathered from third-party sources such as credit bureaus or public records. Hear about the advantages of using credentialed data, including its accuracy, transparency, and cost-effectiveness
Transcript
Speaker 1: Ever apply for, like, a loan or insurance? And it feels like kinda like they have this, like, totally incomplete picture of your finances.
Speaker 2: Yeah. Like, maybe they're missing stuff or even working with, like, old info.
Speaker 1: It's a valid concern. A lot of companies rely on what's called noncredentialed data, which isn’t always the most accurate or up to date.
Speaker 2: Okay. So we’re already hitting the jargon.
Speaker 1: Mhmm.
Speaker 2: For those of us who don’t speak fluent data, what is that? What is noncredentialed data? And is there, like, a better way?
Speaker 1: So imagine, like, a credit report.
Speaker 2: Okay.
Speaker 1: It’s a collection of information about your financial history, but you don’t directly control what goes into it.
Speaker 2: Right.
Speaker 1: That’s a prime example of noncredentialed data. It’s gathered from various sources without you specifically granting permission each time.
Speaker 2: So someone could be pulling up my credit score, and I wouldn’t know about it. That’s kinda creepy.
Speaker 1: Yeah. It can feel that way, and it highlights the need for more transparency and control over our data. On the flip side, there’s credentialed data which puts you in the driver’s seat. Think of it like logging in to your online banking to share your financial history directly with another company.
Speaker 2: So you're giving explicit permission for that specific data transfer.
Speaker 1: Exactly, like choosing to share your location with an app instead of them always tracking you.
Speaker 2: That’s a great analogy. With credentialed data, you're actively choosing what to share and with whom.
Speaker 1: And our source material today is an article from MeasureOne, a company specializing in consumer-permissioned data. They use a waterfall approach that prioritizes this direct credential data.
Speaker 2: And what’s fascinating about this approach is that it addresses the need for both accuracy and efficiency. So they start by attempting to gather credentialed data, which, as we discussed, tends to be the most reliable.
Speaker 1: Precisely.
Speaker 2: So ideally, I’m, like, granting permission for a company to access my financial info directly from, like, my bank.
Speaker 1: Precisely. And the article highlights how this benefits everyone. You get peace of mind knowing that accurate, up-to-date information is being used, and companies can make better decisions.
Speaker 2: It's like the difference between a doctor giving you a diagnosis based on your current symptoms versus, like, a medical record from 10 years ago.
Speaker 1: Exactly. And this leads to faster approvals, more accurate insurance quotes, just a smoother experience overall.
Speaker 2: So with credentialed data, it’s all about transparency and having more control, which sounds great. But what happens if, for some reason, a company can’t access that direct credentialed data? Like, what happens to the waterfall then?
Speaker 1: That’s where MeasureOne’s approach is really interesting. Instead of just, like, hitting a wall, they have a backup plan. They offer alternative ways to verify information, like document uploads. But it’s important to note that this is a last resort.
Speaker 2: So they’re not ditching efficiency entirely. It’s more like accuracy first.
Speaker 1: Exactly. They’re essentially saying, look, we believe in a future where credentialed data is the standard, but we understand that, you know, there are still some bumps in the road.
Speaker 2: Which is great because sometimes, let’s be real, digging up old documents, it’s like, you know, it’s like an archeological dig through your file cabinet.
Speaker 1: Absolutely. And it highlights that we’re in a transitional period here. The technology for credentialed data is evolving rapidly, but it’s not everywhere yet.
Speaker 2: It does feel like we’re on the verge of a real shift in how we think about data privacy.
Speaker 1: Mhmm. Instead of companies having access to everything, it seems like we’re moving towards a system where consumers have more say, more transparency, and more control.
Speaker 2: Totally. It’s about moving away from this "collect everything" mentality toward a more permission-based model. But old habits die hard, right?
Speaker 1: There are still companies out there clinging to those outdated methods.
Speaker 2: That’s true. And it’s why consumer awareness is so important. Just being aware of the difference between credentialed and noncredentialed data can really empower you to make more informed choices about who you trust with your information.
Speaker 1: Right? It’s always a good idea to understand how your information is being used and if there are more secure options available.
Speaker 2: Now I have to ask, are there any downsides to this whole credentialed data thing? It seems almost too good to be true.
Speaker 1: While credentialed data offers a lot of promise, it’s important to acknowledge the potential challenges. For one, widespread adoption really depends on both companies investing in the technology and consumers feeling comfortable with this way of sharing information.
Speaker 2: So it’s like a two-way street. You need the companies on board, and you need individuals who are like, okay, I’m fine with sharing my data this way because I know it’s more secure and transparent.
Speaker 1: Exactly. Another potential challenge is data security. While credentialed data systems are designed to be secure, any system that handles sensitive information is a potential target.
Speaker 2: Yeah, you’re putting all your eggs in one basket, so to speak.
Speaker 1: Exactly. Robust security measures are crucial to protect against breaches and maintain consumer trust.
Speaker 2: So it sounds like companies need to be proactive, not just in adopting this technology, but in making sure that it’s secure and that they’re being transparent with consumers about how they’re using this data.
Speaker 1: Absolutely. And consumers can do their part by being informed, asking questions, and advocating for their own data privacy.
Speaker 2: It feels like a collective effort. Like, we’re all in this together. You know? Consumers, companies, everybody.
Speaker 1: Precisely. And the payoff could be significant—a more secure, efficient, and trustworthy data landscape for everyone.
Speaker 2: So it sounds like we’re, like, right on the edge of a whole new era for data privacy.
Speaker 1: Mhmm. One where we actually have control and a say in how all this information gets used.
Speaker 2: For our listeners out there who are ready to ride this credentialed data wave, what can they do today?
Speaker 1: Just being aware of this distinction between credentialed and noncredentialed data is huge. Knowledge is power.
Speaker 2: Right?
Speaker 1: Absolutely. Next time you’re asked to share your personal information online, pause before hitting "I agree." Understanding what data is being collected and how it’s actually being used is crucial.
Speaker 2: So we’re not just handing it over anymore. We’re, like, active participants in how all this data is shaping our digital lives.
Speaker 1: Exactly. And if anyone’s curious to learn more about MeasureOne’s approach and this movement toward consumer-permissioned data, check out their website.
Speaker 2: Yeah. They’re really leading the charge on this. We’ll be sure to drop a link in the show notes for everyone.
Speaker 1: It feels like we’re at a turning point. Data privacy isn’t just a niche concern anymore.
Speaker 2: Right? It’s something we all need to be thinking about.
Speaker 1: And hopefully, this conversation has given our listeners some good information and tools to navigate this evolving landscape.
Speaker 2: For sure. So the next time you’re asked to share your data, remember this conversation where you actually have a lot more power than you think.
Speaker 1: Here’s to a future where data privacy is just the norm, not the exception.
Speaker 2: Cheers to that. Thanks for joining us on this deep dive into credentialed and noncredentialed data. Until next time.
What is Consumer-Permissioned Data?
Consumer-permissioned data puts the consumer at the center of each and every data transaction. Businesses obtain explicit permission from the consumer to access and use their personal data directly from their primary data source, typically consumer credentialed accounts.
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