Our approach to the development of a credit bureau is to harness the power of the data that is available in each market.
Value added products are available to exploit the potential of the bureau data: bureau score, portfolio monitoring, risk triggers, fraud prevention tools can be all integrated within the core bureau system and tailored on the requirements and data available within the local market.
Risk management is a crucial element in the lending process, not only when a customer first applies for credit, but throughout the customer life cycle.
Credit scoring reduces the element of subjectivity in lending decisions, thereby allowing much more effective business management.
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.
This is Experian's bureau behavioral score, which assists lenders in a whole range of decision making processes – from considering whether to offer existing customers further credit facilities to handling arrears. An individual's repayment history with other lenders and other behavioral factors, such as recent credit search activity, are highly predictive of future behavior.
Fraud is a growing problem in credit industries around the world. The most effective strategy to reduce the substantial cost of fraud is prevention, based on information. This means that suspicious new business must be identified at the earliest possible opportunity – at the point of application.