Credit Bureau Expertise
In today's highly competitive markets, lenders need to ensure that they are making the right credit decisions.
Why Choose Experian?
Mike Herman, Ford Credit Europe: 'Their innovative products and services enable us to access the data and interpret it quickly and consistently.'
Experian’s Bureau Formula
Our approach to the development of a credit bureau is to harness the power of the data that is available in each market.
The Experian Bureau Solution
A credit bureau system needs to be tailored to the market and legal requirements relevant to the country where the solution is to be deployed.
Markets around the world are becoming more sophisticated and competitive, while consumers are becoming more credit-active and selective. This means that meeting customer demand for rapid decisions, while matching individuals to the right credit product profile, is vital for success.
Application Processing Systems
Experian offers online services designed to streamline and reduce the cost of processing applications, while allowing lenders to incorporate their own lending criteria.
Our highly successful credit application processing solutions allow lenders to make instant credit decisions at the point of sale. This means that applications can be processed in minutes rather than days, enhancing customer service and ensuring consistent application of lending criteria.
It was Experian's application processing systems that were largely responsible for the advent and availability of 'instant credit', revolutionizing the credit industry in the UK
Experian's application processing systems support all stages of the application process:
- application input
- application management
- decision processing
- decision implementation
Stage 1: Application Input
The systems cater for both centralized and branch processing. Screens and validation rules can be customized to suit the specific needs of the client and market sector.
This allows data to be input easily and efficiently, reducing data preparation and training costs, while ensuring quality and consistency.
Information obtained from the application can be supplemented with information derived from the lender's own databases and credit bureau data.
Stage 2: Decision Processing
At this stage all Experian's risk management systems are brought together for powerful decision processing. Lenders are assisted in identifying profitable customers and potential bad risks.
Experian's state-of-the-art strategic tool, Strategy Manager, is used to finely segment new business applications, apply scorecards with differing objectives and offer the customer the most appropriate combination of products. Strategy Manager provides unrivalled flexibility in the management of application information.
Stage 3: Application Management
The application management facility allows lenders to review the original application details and decision, reprocess the application if required, and manually override referrals to accept or decline the application. This facility assists in the efficient and effective handling of applications, and is essential when processing and identifying fraudulent applications.
Stage 4: Decision Implementation
The application processing system can be seamlessly integrated into the lender's systems environment, eliminating the need for re-keying information. The decision and application details can be automatically fed to internal systems, enabling lenders to set up accounts, create marketing databases, produce automated letters and maintain monitoring systems.