News release
Contact:
Anna White / Victoria Collinson
LEWIS PR
Tel: + 44 (0)20 7802 2626
Email: annaw/victoriac@lewispr.com
EXPERIAN AND RIGHTMOVE PARTNER TO PROVIDE AUTOMATED VALUATION MODELS
Nottingham, UK, 12 February 2009 – Experian®, the global information services company, and Rightmove, the owners of the UK’s number one property website, today announced a partnership to provide an upgraded Experian Automated Valuation Model, enhanced with Rightmove’s market-leading AVM data and technology.
The partnership will enable mortgage lenders and other clients to benefit from both organisations’ data insight to rapidly obtain property valuations for use in property pricing and customer management activities.
Gavin Snell, Managing Director of Consumer Credit Services at Experian, comments: “In today’s climate, AVMs are becoming an increasingly useful tool for mortgage loan origination and secondary lending purposes. They provide a way to check valuations against wider market performance trends, and even remove entirely the requirement for an expensive physical check of standard property types. AVMs also enable lenders to evaluate their entire portfolios for Capital Adequacy, securitisation and risk management purposes.
“The power of Experian’s bureau data combined with Rightmove’s property data creates a compelling proposition for use across the entire credit lifecycle in multiple market sectors.”
Ed Williams, Group Managing Director, Rightmove, comments: “I am very pleased to have entered into this partnership with Experian. It holds a unique position within the UK financial services market and is a high quality and trusted supplier. Experian has selected Rightmove as its preferred business partner after a detailed evaluation of the existing AVM suppliers. This is further evidence of the superiority of the Rightmove AVM product and our technology. We believe that the marketplace for AVM’s will grow significantly as confidence is restored in the market.”