Experian launches commercial lending data sharing
by Gill Montia
Experian has launched a new facility that it claims enables lenders to better manage the risk and control costs associated with commercial lending.
The group’s CAIS data sharing scheme allows major creditors engaged in commercial lending to share details of credit commitments undertaken by both limited and non-limited businesses.
Details of how borrowers are performing on repayments are included, enabling participants in the scheme to ensure that customers are treated fairly and appropriately, according to their individual circumstances.
Experian credit services managing director UK and Ireland, Phil Cotter, says: “Lenders can now obtain a far more comprehensive view of businesses and how they are performing on their credit commitments, enabling them to set terms and offer services that are fairer to the applicant and their credit needs.”
Mr Cotter also points out that the data sharing is particularly valuable when making lending decisions on small and medium-sized enterprises (SMEs) and should ensure that they are able to access a wider range of financial products.
Developments at Experian should please Business Secretary, Lord Mandelson, who recently suggested that a much tougher approach is needed to get banks lending to the UK’s SMEs.
The Labour Peer is proposing that firms that have been turned down for finance by their local bank manager should be able to appeal and argue their case with someone senior, such as area director.