Experian-Scorex, the global decision analytics business of Experian, has announced the release of its Global Bureau Scoring Solutions suite, enabling lenders and credit bureaux to comprehensively enrich their data and turn it into more powerful customer intelligence.
The suite is comprised of four distinct components: Smart Start Bureau Scores, Global Bureau Gateway, Global Portfolio Quality Assessment and Value-Added Bureau Solutions.
Simon Harben, senior vice president of Global Analytics at Experian-Scorex, commented: "Having worked with many successful financial services, retail and telecommunication organisations, it is clear that one of the major contributors to their success is how well they integrate the best available bureau scores into their decision-making processes.
"Experian-Scorex has clients in more than 60 countries and links to more than 70 credit bureaux worldwide. Based on this experience, we have found that no two credit markets are the same, and a one-size-fits-all approach is, therefore, sub-optimal. To address this, we designed our Global Bureau Scoring Solutions with the flexibility to work at a truly local level using a consistent approach that can be adopted around the world."
As one of the four components of the Global Bureau Scoring Solutions suite, Smart Start Bureau Scores provides lenders and/or credit bureaux with a fast track to introducing credit bureau scores that are as relevant and predictive as possible into markets where no scores currently exist. Every Smart Start Bureau Score leverages Experian-Scorex's more than 25 years of bureau and analytics experience and incorporates the requirements of local regulations and data protection legislation.
Experian-Scorex's Global Bureau Gateway allows lenders access to local consumer credit bureaux in real-time through a standardised bureau interface. The Global Bureau Gateway not only interprets and summarises local credit bureau data into a consistent, user-friendly form, but it also allows an organisation to calibrate a local bureau score to a standard scale. This means that a score of 700 can predict the same level of risk wherever it is applied. The local bureau score can also be calibrated to an organisation's own global scale, so that each global lender can effectively have its own global bureau score.
The Global Portfolio Quality Assessment solution enables lenders to implement a risk rating system that can be used to compare the quality and performance of all their credit portfolios. This solution also allows a lender to incorporate the best available local credit bureau scores into its risk ratings system. Additionally, it can provide the multi-level (i.e., local/regional/global) reporting mechanism to bring all the risk ratings on these diverse portfolios together.
The Value-Added Bureau Solutions enable both consumer and commercial credit bureaux to extract significantly more value from their databases by turning their raw data into valuable customer intelligence. Through its Global Data Intelligence network, Experian-Scorex shares information about which bureau characteristics are the best predictors of future customer behaviour. This customer intelligence is used to develop, implement and support a wide range of generic bureau scores – covering both consumers and commercial enterprises. Experian-Scorex can also improve connectivity to the bureau and advise on the structure and storage of the bureau's data, enabling lenders to automate and streamline many elements of their decision-making process and gain a significant competitive advantage.