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Values, Money and Me

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Our commitment

What does managing consumer credit files on behalf of UK adults really mean?

Above all else it means helping each and every one of those persons to take control of their information in the best way possible. By learning about – and using – their credit to build and manage their credit profiles.

A simple truth is that credit is a major feature in today’s marketplace, so what we do as an industry is a hugely important part of people’s financial lives. We are proud of our progress to date and our continued dedication to improve how Experian works with consumers. But we appreciate that there is more to do.

Which is why we don’t just continue to invest in processes, programmes, products and people, we also ensure we are always as open, honest and transparent as we can be.

 

Responsibility is key...

Managing these vast amounts of data for not just people but businesses too, is a responsibility we take very seriously.

After all, as a global leader in credit reporting, we look after more people and businesses in more countries than any other company. We always remind ourselves that people and organisations all around the world rely on Experian credit reports to expand and manage consumer credit lending. The impact on all economies is never lost on us.

…as is quality

The quality and completeness of the information is fundamental to us providing an honest and open service. All the information we carry is used in millions of credit decisions daily.  As such we recognise that our data has a direct impact on the lives of consumers and on the business performance of our clients. Our data must be as accurate, complete and current as possible to service the needs of people and businesses day in and day out,

Peace of mind for people

Of course people must be totally comfortable the information reported about them is an accurate reflection of how they have handled their credit obligations over time. That’s not all they expect. They have questions that need answering. Like what steps they can take to improve eligibility for credit? Or, in the rare instances when errors in reports do occur, what actions are required by the consumer, the data providers and Experian to resolve those issues?

So we are committed to providing the highest quality services to help people in this process. And we always seek to improve our engagement and results by each year introducing new enhancements to the consumer services.

Confidence for businesses

We also never underestimate the high expectations businesses have about the quality of information in credit reports. They rely on the information provided by credit bureaus to make the best decisions possible in terms of extension of new credit and in managing the risk of lending money to people who are often unknown to them.  The information must be accurate, complete, and current so that it is a true picture of the risk associated with lending to an individual and about the opportunity of building a long and loyal relationship with a new customer.

Organisations hold Experian accountable for the quality and completeness of the information they depend upon to drive their business. Quite simply, if a company is not confident of the quality, accuracy and completeness of the information they buy from Experian to make their credit decisions, they will switch their business to another provider. We are committed to providing the highest quality data and invest millions of pounds annually to ensure that we meet these high standards of consumers and businesses.

Pursuers of “Error-Free” Data

Businesses are also often data providers to credit bureaus. Data providers typically provide Experian with an update on every consumer credit account every month, providing the most recent account details like balance amounts, payment amounts and whether the account was paid on time. In the UK, as an example, Experian receives and processes about 1.3 million account updates every single day to keep the information as current and accurate as possible.

Experian has established very high standards for the data reported to our database, and we invest heavily in measuring, monitoring and managing the accuracy and completeness of information we receive. While both Experian and data providers are obligated under various legal regulations regarding the quality of information reported to a bureau, Experian takes our commitment to the next level and sets the highest standards in the industry for data reporting. As part of that commitment, we invest millions of pounds annually upgrading our systems and processes on a regular basis in pursuit of “error-free” data.

Doing Business the Right Way

Experian believes that there is a natural and important balance of interests between the needs of people, businesses and the credit industry in this process, and we’re committed to ensuring that the balance is maintained. We make every effort to keep people’s’ needs in balance with the needs of businesses.

It’s simply the right way to do business.

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