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Equifax India, a credit information solutions provider, on Thursday announced the launch of 'Bureau One', a software solution that collates various credit bureau responses and delivers them seamlessly.
This solution empowers lenders and businesses to make better underwriting decisions in a cost effective and timely manner while eliminating duplicate efforts to input and retrieve consumer information.
Using this tool, lenders can easily submit one inquiry to 'Bureau One' and the product will send back a result of reports from all of the bureaus connected to it using rules that are configurable by the lender.
“Each credit bureau has its own unique search algorithm, so by relying on a multi-bureau approach instead of just a single bureau, lenders can leverage the data and reports from multiple bureaus. This tool also increases bureau hit rates by automatically re-routing no hits from one bureau for a check on another bureau,” the company said.
A multi-bureau approach is significant because it gives customers the ability to improve its credit appraisal process more efficiently.
"This multi-bureau solution was built for India and will help reduce operational costs for our customers," said Shahid Charania, Managing Director of Emerging Markets, Equifax.
Sundaram Finance, ICICI Bank and Bank of India are among the early adopters of 'BureauOne'.
A user of BureauOne, S Ravindran, Sr. VP and Head of Credit Control and Process Department, Sundaram Finance Ltd said, “One of the key factors in data backed decisions in credit is bureau inputs, and therefore the focus on integrating multiple data sources into the lending process is important to us. Products like BureauOne provide us this flexibility and we are using this product across our branch network.”
Rajiv Sabharwal, Executive Director, ICICI Bank, said, BureauOne solution is helping us in implementing our multi-bureau strategy. With the advent of multiple bureaus in the country, it is imperative for us to develop capability to use the data being provided by the bureaus. As we move to this global best practice of using credit bureaus depending upon their relative strengths, BureauOne allows us to do that without creating any operational strain on our resources.”
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