The service provides credit unions with feedback regarding how their auto loan programs are performing and provide insight regarding needed tweaks, Loquasto explained.

He added that the need for this data has only grown as auto lending has increased coming out of the Great Recession.

In 2009, a low point in the downturn, auto lending accounted for only 30% of overall consumer loans, Loquasto said. By 2014, auto loans accounted for 50% of overall consumer lending, he added.

"The recovery of the auto sector has just been extraordinary and is one of the brightest parts of the overall economic recovery," Loquasto said. "But the downside of that is the degree of competition we see in auto lending now and into the future."

Equifax's LSA service will allow the risk management team of a credit union of any asset size to look back to evaluate how loans it didn't book performed if they were made by another institution. It will allow executives to also spot trends in their auto programs.

For example, if a credit union has a relationship with an auto dealership with loans that start going to other institutions, does that signal that something at the dealership or in the relationship has changed, Loquasto asked.

Or, if a credit union wants to see a better interest spread in its auto loans but still not take on too much risk, it can look at how loans that are right under a cutoff line have performed to see if that line should be lowered.

"For example, a borrower with a 560 credit score who pays more than the minimum each month on all their credit lines is going to be a better credit risk than a borrower with a 600 score who only pays the minimum on their credit lines," Loquasto said.

The LSA tool can alert a credit union about whether loans it could have made to some borrowers with 560 scores have turned out to have performed well, according to Equifax.