Experian upgrades credit risk assessment tool

Source: Experian

Experian, the global information solutions company, has released e-consumerview Version 8, which brings the speed and accuracy of sophisticated corporate credit checking to companies of all sizes through a web-based system.

The enhanced tool runs completely online, allowing access to Experian's credit information without the need for an automated application processing system. Around 2,800 organisations, including credit providers, insurance vendors and solicitors, have been upgraded to the new service.

Using e-consumerview Version 8, businesses will be able to receive more contextual information on prospective customers from searches of Experian's databases in order to make better credit risk decisions.

As well as a basic credit check, the enhanced product incorporates the following new features:
  • A risk-based view of an application, having distilled the relevant customer information into a highly predictive credit score
  • Experian's Consumer Indebtedness Index, which gives an interpretation of an individual's overall level of indebtedness
  • Contact telephone numbers to allow lenders to discuss borderline applications directly with the customer

"In today's tough economic climate, accurate credit checking and risk management are of utmost importance to any lender, regardless of size, particularly in the area of unsecured loans," explained Peter Brooker, Director at Experian. "In the credit industry, the big corporate players expect detailed, qualified information, but there's no reason why companies of all sizes shouldn't have access to this. Finance providers are now under more pressure than ever before to get reliable credit information about prospective customers in order to attain the highest possible level of customer service, manage risk and protect against fraud. Only after extensive background checks can intelligent decisions be made about a customer.

"Constant investment in innovation is the cornerstone of Experian's proven ability to provide the most advanced solutions for our clients to drive their business strategies and make better decisions around customer acquisition and customer value management. e-consumerview Version 8 is a prime example of Experian enabling businesses of any size and from any sector to capitalise on our wealth of consumer information and analytical expertise to benefit from improved credit scores by access to deeper and more reliable information to better manage credit risk. Ultimately, they need this to achieve customer service excellence and to make accurate business decisions."

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