Access to finance plays a vital role in economic development and job creation. At the micro level, it is equally as important to individuals, families and businesses given the direct impact it has on their financial wellbeing, economic and social lives.
Credit information is an important element in the access to finance process. In essence credit and information have always been intertwined and technology continues to play an important part in this symbiosis. To provide a forward looking view about future developments, Experian published recently a White Paper with the title of ‘The Future of Credit Information’.
The White Paper contains a number of important topics:
- Key drivers for change in the credit ecosystem
- Explosion of data
- New technologies
- Changing consumer behavior
- New legal framework opening up more data
- Impact of new credit information on responsible lending
- What does this mean for consumers?
- What does this mean for lenders?
- What does this mean for the economy?
- The future of the credit information ecosystem
- Types of relevant data
- New ways to interpret relevant data
- Regulatory and ethical boundaries
- Policy recommendations
The White Paper closes with a nine point policy recommendation which reflects the changes in the credit and information eco-systems.
To download the Experian White Paper click on this link!