Sydney, May 2011 – Experian®, the global information services company, today announced its intention to establish an Australian credit bureau, subject to regulatory approvals.
It will form a new joint venture company, Experian Australia Credit Services Pty Ltd, with the intent of providing consumer and business credit information services to Australian credit providers. This will enable lenders to assess risk and provide credit more efficiently and consistently, particularly in light of comprehensive data sharing which is currently under consideration by the Australian government.
Six major Australian financial institutions will hold a minority stake in the new company as joint venture partners. The six financial institutions are: ANZ, Citibank, Commonwealth Bank of Australia (CBA), GE Capital, National Australia Bank (NAB) and Westpac Banking Corporation. As the majority stakeholder, Experian will be responsible for the operations of the credit bureau.
The combination of Experian’s well established Australian business and strong relationships with many of the country’s leading financial institutions has created the platform to launch the credit bureau. The new bureau will increase competition within the Australian market, by providing credit providers with greater choice, and aims to improve transparency for businesses and consumers about the credit granting process.
The World Bank’s Doing Business annual survey (www.doingbusiness.org), reports on the progress of credit bureau developments globally. Each year it has shown that consistent credit data from a third party source can significantly improve the quality of decisions that lenders make and improve overall access to credit for consumers and businesses.
Against this backdrop, Experian is recognized as the leading global credit bureau provider and brings over 30 years of international experience to the venture. It operates 16 consumer
bureaus across the world, including some of the largest national databases in countries such as the US, Brazil and the UK. The company has extensive experience of working in comprehensive credit reporting environments and managing the transition from negative to positive credit reporting.
“Our global experience shows that increased bureau competition drives innovation and delivers better services for clients and consumers,” said Kim Jenkins, the newly appointed Managing Director of Experian Australia and New Zealand. “The prospect of an inclusive bureau in Australia, accessible to all industry sectors, will strengthen standards in credit reporting, data quality and governance which is particularly important in a changing regulatory environment.”
Contact:
Georgia Lennon
Marketing Director
Experian
+612 8907 7218
georgia.lennon@au.experian.com
Liz Kearney
Group Account Director
n2n communications
+61 2 9213 2323
lkearney@n2n.com.au
About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2010 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com.