Borrower Data Under One Roof- Equifax

Equifax India, a credit information solutions and analytics company, has introduced a software product called BureauOne to simplify the money lending process.

Custom-created for India, BureauOne collates various credit bureau responses and serves as an intelligent router that connects the lender's loan processing systems directly with all the major credit bureaus operating in the country.

Using this tool, lenders can easily submit one inquiry to BureauOne, and the product will send back a result of reports from all of the bureaux connected to it, giving customers the ability to improve the credit appraisal process more efficiently.

Simply put, this means lenders need not seek data of borrowers from multiple agencies.
                 

Shahid Charania, managing director of emerging markets, Equifax, said, "This multi-bureau solution will reduce operational costs for our customers. The solution was built for India and is customisable through all phases of development and deployment to ensure that it is exactly the kind of product that meets our customer requirements."

The solution empowers lenders and businesses to make better underwriting decisions in the most cost effective and timely manner while also eliminating duplicate efforts to input and retrieve consumer information, it said. The solution also comes with a rules engine that can be configured to send the same enquiry to multiple bureaus based on responses received from the first bureau, leaving little room for human error.

At present, BureauOne is being used by some of the leading players belonging to the public and private sectors and the NBFC segment.

"The BureauOne solution is helping us in implementing our multi-bureau strategy," said Rajiv Sabharwal, executive director, ICICI Bank. "With the advent of multiple bureaux in the country, it is imperative for us to develop capability to use the data being provided by them. BureauOne allows us to do that without creating any operational strain on our resources."
Visit- www.cibilconsultants.com
Source: Secondary