Why CAIS data quality is so critical

Thousands of lending decisions are made each day using Experian data. Every month we add over 750,000,000 records from over 600 of the largest and most up-to-date sources. At the heart of this data sits the CAIS data which is used by hundreds of lenders to understand more about the individual applying for credit products and services.

Ensuring the highest quality of data is paramount to ensuring that the lender is making the right decision for the customer, based on their circumstances. Inaccurate or missing data can impact lending decisions, to the detriment of both consumers and businesses – both financially and reputationally.

Experian has always been committed to improving data quality. By having such a clear focus, and strategy for it, ensures the data can continue to provide value to consumers and lenders.

Each month, Experian processes over 600 consumer CAIS data files. Once each file has been carefully reviewed, the data feeds into the live bureau and directly onto consumer and business credit reports. Each CAIS file must follow strict rules to ensure the quality of the data is optimal.

We support our clients in compliance when producing data and meeting the strict guidelines set out by regulatory bodies such as the Financial Conduct Authority (FCA) & Steering Committee on Reciprocity (SCOR).

 

We are committed to supporting members
Back in September 2019, we launched the Data Furnisher Program which enables us to get a better understanding of the level of assistance members might need with their CAIS submissions.

 

We focus on the specific data quality issues members might be facing. Experian Data Quality Consultants also hold a yearly CAIS workshop, which allows us to present to CAIS members the latest developments in CAIS data quality, whilst giving Experian and CAIS members the opportunity to exchange and discuss all things CAIS. Our most recent events were back in December 2019, at Experian’s new Customer Innovation Centre in London and in January 2020 at our head office in Nottingham – the Sir John Peace Building office.

 

There are many other ways in which we are continuing to support our members, and customers. Our whole brand ethos centres around using the power of data to transform lives. It is something we drive throughout all of our business. To make it work, and possible, data quality is pivotal. The age-old saying ‘analytics are only as good as the data they are integrating’ couldn’t be truer.

Experian is the market leader for coverage using our consumer bureau data. 74% of current accounts, 68% of credit card and 54% of the auto finance market with the highest levels of data quality improving every year.

 

Interested in becoming a CAIS member or learning more about CAIS data? If so, please get in touch and we will be happy to answer all your questions.


CAIS Consultancy –
CAISConsultancy@uk.experian.com