Enhance your multi-bureau capability
If you could understand the individual data available for each customer, how would it enhance your bureau strategy?
It is becoming increasingly common for lenders to consider the potential benefit from multiple credit bureau searches to enhance the credit risk assessment of an individual. For many organisations, there are clear financial benefits from utilising multiple bureau reports, with observed bad debt reductions of 10-15%.
One of the biggest challenges you may face is having the visibility of all credit bureau data belonging to your customer. If you could see which customers have limited data, and which have incomplete data from your primary credit bureau provider – would this influence what steps you’d take next? A multi-bureau strategy could enable you to obtain more of your customers’ data: overcoming the challenge of thin files and enhancing your decision making.
- How we can help you
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
- How our process works
- 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
- About the Bureau Confidence Index
Experian’s Bureau Confidence Index (BCI) This is essentially a new ‘score’ that predicts whether data returned from a second or third bureau call is likely to be relevant to the accept/decline decision. It considers various factors in order to identify where incremental data from a subsequent bureau call is likely to be significant.
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