Equifax Credit Information Services (India) launched a new risk score and a series of new portfolio review products which will help lenders in credit delivery.
“The newly launched market-level risk score is designed to predict the likelihood that a customer will default in the next 12 months. It will help financial institutions to monitor their loan portfolios,” said Equifax managing director and chief executive Samir Bhatia.
The Risk Score is designed to work with any standard product type and has been developed by gathering data from major market players. Referring to calculation of the risk score, Bhatia said its calculation is based on the parameters such as demographic attributes. “It will help banks to take a call on consumers who are newly entering into the consumer lending market,” he added. The credit rating agency has also introduced new portfolio review services that includes credit card review, unsecured and secured installment reviews among others. “These new portfolio services will help banks and other financial institutions for better account management services,” he stated. The credit information agency is also providing credit history data to individual customers for a fee of Rs 400 as of now.
Bhatia said the agency is actively looking at opening a bureau in the SME sector.
Equifax India is a joint venture between Equifax Inc of the US and six major domestic banks.
Source: Indian Press Reports