New Experian service to help providers understand more about individuals’ equity positions
Nottingham, 13 September 2010 — Experian®, the global information services company, today announces the launch of Equity Check, a new service that will help lenders make even more informed lending decisions by providing them with insight into customers’ equity positions.
Equity Check combines details of a consumer’s full range of credit commitments with a valuation of their property to indicate whether they are in positive or negative equity. This is based on Experian’s comprehensive consumer credit data and Rightmove’s unparalleled volume of property information data. This insight enables financial institutions to better understand an individual’s financial status to make even more informed credit risk decisions.
Equity Check can be used at every stage of the credit life cycle from originations through to collections. It also provides a cost effective means of evaluating an entire credit portfolio, and can help assess the likely impact of house price changes and interest rate increases on customers’ equity positions and ability to afford credit.
Nick Evans, Head of Customer Management, Experian UK & Ireland, commented: “Equity Check has significant risk management benefits by providing another layer of insight into a customer’s overall financial position. This information will enable lenders to make even more informed lending decisions.”
ENDS
For further information, please contact:
Chantal Heckford / Jennifer Comerford / Duncan Skehens
Lansons Communications
020 7490 8828
chantalh@lansons.com
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jenniferc@lansons.com
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duncans@lansons.com