In the UK, the credit bureaus remain a critical component of successful lending. In this paper, we discuss how to optimise their usage and benefit while avoiding common pitfalls and high costs.
The triumvirate of UK credit bureaus – Experian, Equifax and TransUnion – remain an integral part of the lending landscape. For all the recent focus on new data sources and techniques, it is a rare lender that does not have at least one touchpoint with the bureaus during their lending decision or customer management. But for many this relationship is not a comfortable one; high costs, byzantine terminology, and poor implementations can lead to a view of the credit reference agencies as a necessary evil rather than a beneficial partnership.
The Vestigo team have engaged with several clients recently to assist them in optimising their use of bureau data. Recent projects include improving a lender’s underwriting flow to ensure the most efficient use of all available data sources, building a bespoke scorecard for a new lender using generic sample data, and undertaking cost-benefit analysis of a new bureau product.
If you are interested in finding out how Vestigo could help your business or to find out more on this topic, please get in touch.
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