Experian to Help Lenders Navigate Market Volatility Due to COVID-19

Experian Enhances its Economic Response and Recovery Suite to Help Lenders Navigate Market Volatility Due to COVID-19

As the financial services industry navigates the market volatility surrounding COVID-19, Experian® today has enhanced its offerings within its Economic Response and Recovery Suite to help lenders assess and swiftly respond to changing behaviors so they can support consumers and businesses. The new updates include the addition of Experian’s new Spotlight 2020 Attributes and the Ascend Market Insights Dashboards.

Driven by high unemployment and uncertainty, the behaviors of U.S. consumers and small business owners have drastically changed. It’s vital that lenders gain a full view of consumers and businesses so they can help keep the credit economy flowing while helping those who need it most. Through this regularly updated suite, lenders have access to the most predictive data, technology and analytics available.

“Making lending decisions has proven to be challenging due to the impact of COVID-19,” said Greg Wright, chief product officer of Experian’s Consumer Information Services. “By giving financial institutions tools and data-driven insights, we can lessen the impact of the economic crisis, enable lenders to extend credit responsibly and support the hardest-hit consumers and small businesses.”

The Experian Economic Response and Recovery Suite includes:

Response and recovery analytics and technology
Experian continues to deliver near real-time analytics that lenders depend on when examining a consumer’s profile. Experian’s predictive data is tailored to best reflect the latest economic conditions with considerations for market volatility. In addition, Experian is offering insights and the most current data based on market changes to help identify macroeconomic forecasts and model portfolio predictiveness.

The suite also includes Experian’s new Spotlight 2020 Attributes, a collection of proprietary data sets that enable lenders to create a positive experience for customers who have taken an accommodation due to financial hardship.

Through our innovative technology, our models and solutions can be rapidly deployed using the most advanced modeling methods and artificial intelligence.

Small business tools
To help small businesses gain access to capital, Experian offers its free COVID-19 U.S. Business Risk Index to assist lenders and government organizations in understanding how to make lending options available to businesses that need it most. Experian’s commercial scores and alerts can also help financial institutions make responsible lending decisions.

Business intelligence and reporting
To keep businesses on track, Experian has created comprehensive business intelligence and reporting tools, such as the new Ascend Market Insights Dashboards and the COVID-19 Impact Governance Report. Experian’s business-specific dashboards provide unique and timely insights to help understand credit and market trends during this period of uncertainty.

Consulting
Experian’s financial industry consultants are working with businesses to discuss response and recovery strategies and helping to design and develop scoring products and services using advanced analytical techniques. Experian is committed to providing the most valuable data, advanced analytics and technology to help businesses respond to the recession and remain resilient in the recovery.

For more information on Experian’s Economic Response and Recovery Suite, please visit https://www.experian.com/business-services/economic-response-recovery-suite. To learn more, register for Experian’s “Executing Your Economic Response and Recovery Plan” webinar on Sept. 10, 2020, here http://go.experian.com/look-ahead-webinar-series.

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