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How can you make best use of the data available from all UK bureaux?

It is becoming increasingly common for lenders to consider using multiple credit bureau searches to enhance the credit risk assessment of an individual or company.  With an ever-increasing amount of data being compiled from different sources, and varying in format and quality – as well as the technical challenges of creating and maintaining data links – accessing and using multiple feeds of external data effectively can be a challenge.

With over 30 years of proven expertise in developing and delivering decision management software – alongside a sophisticated suite of embedded analytics – Experian possesses a strong pedigree in implementing and supporting multi bureau solutions.

We believe that the very best credit decisioning is achieved through using the most comprehensive data, the most insightful analytics and the most flexible implementation platform.  We are continually investing in all three of these elements to ensure we can offer the best modular solutions to our customers – in many cases, actually combining these capabilities to provide a best-in-class decisioning platform along with all the required data.

We understand that, for some of our customers, using data from multiple credit bureaux can deliver additional value; but it is balanced by additional cost and complexity.

We can work with you to assess your particular requirements, and if it is identified that a multi bureau approach can deliver benefit, we can provide a solution that offers the flexibility and control required to extract maximum value from multiple data sources.  Our solution comprises a software platform, sophisticated analytics and our ExPin data, which we believe is the strongest primary data source available.

Each credit bureau search brings with it costs and an impact on processing times. To drive value, the data returned needs to create an improved picture of a customer’s credit file and therefore, their risk profile. We can help identify which customers or organisations an additional bureau search would be beneficial for, collate the relevant data from multiple sources, and then enrich all of this data to subsequently enhance your decisioning process.

A key part of any multi bureaux solution is the associated analytics.  Experian has developed a solution that not only makes the best use of the data available, but also optimises the decision to only make a second or third credit bureau search when it’s going to add value; therefore managing the overheads associated with multiple searches.  Any information returned is combined, merged, de-duplicated and presented in a consistent, summarised block of data.

Key benefits

  • Make more accurate decisions through access to more complete customer data
  • Optimise a dual bureau strategy by using our Bureau Confidence Index to identify where a second bureau search is likely to return data that may influence the accept/decline decision
  • Leverage the full power of all credit bureau data by using the combined view within our Delphi for New Business scores
  • Increase approval rates through the ability to better identify applicants with ‘thin’ bureau files and make more accurate risk assessments
  • Take control with the ability to define and create further bespoke variables across bureaux
  • Determine the strategy for a given application or portfolio
  • Retrieve initial bureau data, generate a bureau score and a Bureau Confidence Index
  • Using the Bureau Confidence Index, identify applicants where the accept/decline decision is likely to be influenced by data returned from a second bureau search
  • Obtain data through the second bureau search
  • Combine, merge and de-duplicate the data returned with data from the first bureau search
  • Generate bureau summary characteristics from the combined data, including any bespoke variables
  • Generate a Delphi for New Business score based on combined credit bureau data summary characteristics
  • Assess whether the data returned is sufficient to enable you to make a decision

     - If yes, combine data into your new business score and decisioning processes

     - If no, perform a third bureau search

Experian’s unique Bureau Confidence Index can help organisations identify which customers an additional bureau search can be beneficial for.  It works by reviewing the depth of customer data already available against the individual and therefore, where an additional bureau search would provide further data that could enhance decision making.

This is done via a ‘score’ that calculates the depth of data returned versus the depth of likely data available.  All the data accessed can then be used within your Delphi block to calculate a final customer credit score, which can be used alongside your organisation’s risk parameters to maintain automated decisioning.

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