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’.