2 Nov 2006 16:06

Experian-Interfax has processed 500,000 credit searches

The Experian-Interfax credit bureau, which launched full-scale operations in March, had processed the first 500,000 credit searches by its clients by November 1.

Experian-Interfax now has 1.7 million records and works with 170 lending financial institutions, including major banks operating in the consumer loans sector.

An increase in the number of queries in September to October was primarily prompted by the integration of the bureau’s system with the automated banking systems of a number of leading banks, which has made it possible to incorporate the bureau’s search submission system into the unified processing system.

“We are satisfied with the pace of the bureau’s integration into the automated banking systems of our leading clients,” said Mikhail Komissar, chairman of the bureau’s board of directors and chairman of the board and CEO of Interfax Information Services Group.

“The solutions proposed by us make it possible to fulfill this task within a short period of time and entail minimal additional expenses for the banks,” he said.

The Experian-Interfax credit bureau announced in early October that it had completed the integration of the credit bureau’s system and the Acquire SM loan applications processing and decision support system developed by Experian-Scorex.

A search for information in Experian-Interfax on persons who have sought a loan in the past normally shows a hit rate of 40%-50%.

***Experian-Interfax was founded in October 2004. Its owners are Interfax Information Services Group, a major provider of information and services for financial markets, and Experian, a global leader in providing analytical and information solutions to organizations and consumers to help manage the risk and reward of financial decisions. The credit bureau was founded to provide information reflecting the borrowers’ accuracy in fulfilling their credit obligations and improving the creditors’ and borrowers’ protection against credit risks. Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage. For consumers, Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence.