London, 25th October 2011 - Consumer credit providers are facing greater pressure than ever from Government and consumer bodies to demonstrate that they have applied the most robust processes to their lending decisions. However decisions can only be as accurate as the information on which they are based and maintaining data accuracy is an on-going challenge. Leading consumer credit information expert, Equifax, is therefore helping lenders ensure their data is as accurate and up-to-date as possible through Equifax Insight Data Cleansing Services, designed to reduce the likelihood of error and mitigate risk.
Consumer credit providers who are members of Insight, the Equifax closed user group which shares information on consumer credit account payment behaviour, can utilise Equifax Insight Data Cleansing Services to verify and enhance their own data accuracy. Using first-class levels of data quality, Equifax Insight Data Cleansing Services review and match the records of Insight user group members to keep customer databases up to date. The service is particularly valuable when merging portfolios or transferring books of debt or for regularly-scheduled, routine data maintenance, such as account updates.
"If a credit provider's data is inaccurate or incomplete, they may not have a full understanding of a consumer's indebtedness which could undermine their risk management", explained John Unsworth, Data Operations Manager. "The use of inaccurate data could also mean they may not be compliant with data protection regulation. Equifax's "best-in-class" data tackles these risks by validating 98% of the UK adult population, accessing records on 45 million adults across 28 million households.
"When Insight members submit their monthly data, we generate a report that indicates how well the submitted data matches the other data in the Insight database. If there are significant mis-matching issues, we offer to audit the member's data to identify the reasons why the data hasn't matched.
"This also enables us to recommend ways to improve data quality through one of eight data cleansing services. To address specific data issues, we formulate bespoke solutions that meet the requirements of an individual organisation.
"Our goal is to help clients understand how they can improve the quality of their data, for a higher level of confidence in their credit decision and customer management processes" concluded John Unsworth. "Data cleansing should be an integral part of an organisation's risk management processes. Without it, businesses could be making decisions based on data that doesn't give them the whole picture, leaving them open to fraud, reputation and compliance issues.
"Better customer data is a key step towards well informed and more profitable business decisions."
For further press information, please contact: Jenny Thorneywork, Clare Watson or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: Email: firstname.lastname@example.org
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