Experian partners with leading credit bureau in Korea

Agreement with National Information and Credit Evaluation Inc. to deliver added-value solutions to Korean financial sector.

Experian®, the global information solutions provider, has entered into a strategic relationship with National Information and Credit Evaluation Inc. (NICE), the leading credit bureau in Korea, to deliver a broad portfolio of ‘value-added’ products, including fraud prevention and credit scoring solutions. Jointly developed by NICE and Experian, these solutions will be customised and delivered by the credit bureau business solutions division of NICE.

The strategic relationship with Experian enables NICE to deliver Experian’s application fraud prevention service, Hunter II. Experian will also assist with the development of advanced credit bureau based scoring products using NICE data. The new solutions will enhance the ability of local financial institutions to conduct consistent and transparent risk evaluation of their customers and are complementary to the solutions that Experian has successfully introduced in the Korean market over the past seven years.

In particular, the introduction of the application fraud detection service, a first for Korea, is expected to have an immediate impact on the profitability of NICE’s clients by detecting suspect applications, which have been rising recently. Application fraud is an area of increasing concern to financial institutions in Korea.

Commenting on the agreement, Mr Kang Suk-In, CEO & President of NICE, said:
“NICE is acknowledged as the leading credit bureau in Korea, with a wealth of experience in information systems operations, as well as credit bureau and value-added product offerings. This agreement with Experian will enable NICE to deliver a broad portfolio of high quality value-added products and services.

“As the market leader, NICE is fully committed to initiating change and contributing to the growth of the consumer lending market in Korea.”

Korea’s GDP in the fourth quarter of 2004 grew by a seasonally adjusted 0.9 per cent from the third quarter, with the economy expected to continue its expansion in 2005. This growth is helping to fuel demand for consumer credit in Korea but, at the same time, according to official Korean government estimates, one in 13 of the nation’s 48 million people was three months or more behind on debt payments at end of 2004.

When a bureau is able to offer value-added solutions to its clients, the result is greater accuracy, freshness and quality of its data and additional information about the creditworthiness of the consumer, of which the lender may be unaware. Credit bureaux operated by Experian in the US, UK and many other countries already offer these services.

John Harker, Asia Pacific Regional Director for Experian, commented:
“Korea is a fast expanding market and is seeing a rise in domestic demand for credit. This translates into a greater need for more sophisticated and customised credit management solutions to support the country’s major lenders.

“As well as offering our world-leading solutions in the Korean market place, Experian is committed to introducing its wealth of experience, skills and expertise to the market to ensure its solutions add significant value to the consumer credit sector.”


For further press information, please contact:

Michelle Toy
Level 4, 6 Riverside Quay
Southbank, Melbourne, Australia
Tel: +61 3 8699 0102

Peter Brooker
Public Relations Director, Experian
Tel: +44 (0) 115 934 4548

About NICE

NICE CB provides member organizations with consumer credit information shared among members composed of domestic financial and non-financial institutions. The shared data includes both positive and negative information. In NICE CB, members exchange credit information in accordance to ‘the Agreement on Exchange of Credit Information’ consented by all members. And ‘Information Exchange Council’ was composed under the Agreement to promote efficient and streamlining communication and decision making among members and to guarantee accurate and fair registration and exchange of data.

NICE CB has the largest number of members both in financial and non-financial sector (distribution and telecommunications). Its members in financial sector include banks, credit card companies, instalment financing companies, insurance companies and mutual savings banks. Credit information is registered based on the agreement among its members and provided in the form of diverse value-added services. Based on strict membership, NICE CB permits its data shared exclusively among its members.

About Experian

Experian is a global leader in providing information solutions to organisations and consumers. It helps organisations find, develop and manage profitable customer relationships by providing information, decision-making solutions and processing services. It empowers consumers to understand, manage and protect their personal information and assets. Experian works with more than 50,000 clients across diverse industries, including financial services, telecommunications, healthcare, insurance, retail and catalogue, automotive, manufacturing, leisure, utilities, e-commerce, property and government. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, California. Its 12,000 people in 27 countries support clients in more than 60 countries. Annual sales exceed US$2.2 billion.

For more information, visit the company’s website on www.experian.com.

The word ‘Experian’ is a registered trademark in the EU and other countries and is owned by Experian Ltd and/or its associated companies.