Experian®, the global information services company, today announced it has launched Dynamic Tracing, a new service that will provide lenders with up to date customer contact details and credit information. Dynamic Tracing greatly reduces the risk of lenders making incorrect decisions based on out of date data.
Experian estimates that, given the frequency with which people change address or other contact details without informing their lender, up to 15 per cent of customer records held by large consumer organisations may not have all of the most recent customer information. There is a significant risk that banks and other lenders will be unable to react quickly to changes in their customers' financial status, increasing their potential exposure to bad debt.
Dynamic Tracing enables banks and other lenders to ensure their customer data is up-to-date by collating customer contact information, addresses and credit information relevant to the customer at those addresses, from Experian's databases and highlighting out-of-date information.
Dynamic Tracing will provide further monthly updates, ensuring that organisations have the latest information on their customers and can be implemented into systems alongside existing Experian customer management software or as an ad-hoc standalone service.
Nick Evans, Head of Customer Management at Experian, commented: "Without correct addresses or contact details, lenders may not understand the full picture of their customers and will be unable to react appropriately to changes in their credit status. Ultimately, Dynamic Tracing allows providers to strengthen their customer relationships through more efficient customer management, helping them to make effective and informed lending decisions and reduce their risk of exposure to bad debt."