Callcredit has launched a new and unique multi-bureau data solution in Ireland.
Recently acquired by TransUnion, which has offices in Cork, Callcredit is already partnering with leading Irish businesses to help them make more informed assessments of consumers’ affordability and risk when it comes to providing credit.
Combining data from multiple sources, including the Irish Credit Bureau (ICB) and the more recently-formed Central Credit Register (CCR), the solution is the first of its kind for lenders operating in Ireland. It provides data from multiple sources in a single decision-ready credit format, to help financial institutions and lenders make more informed assessments of consumers’ affordability and risk.
Robert Cox, Commercial Director at Callcredit commented: “Our multi-bureau approach is central to the underwriting solutions of many leading banks and retailers in the UK and we believe it can have a similar impact in Ireland’s evolving credit sector. This comprehensive approach to data sourcing ensures lenders have greater insight and data resilience; allowing them to accept more customer credit applications and reduce the number of referrals.
“Following regulatory changes in Ireland, all lenders must enquire against the newly-created CCR, which began collecting data from lenders on 30 June 2017 and was formed to assist the Central Bank in supervising the financial sector. However, they may also choose to enquire against the longstanding ICB. Our multi-bureau referencing tool is the first to provide a combined view of data from both these sources, enabling a streamlined solution which delivers business efficiencies, and offers the potential to cut costs with reduced search fees, alongside an improved customer experience.”
The benefits of taking in both data sources can include enhanced insight into affordability and indebtedness, fairer decisions, reduced bad debt, increased operational resilience and simplified underwriting – all of which will improve the customer journey.
Cox “We’ve seen demand from across Europe and globally for our multi-bureau solution and anticipate that we will continue to expand our reach as we introduce this product in different countries. Having launched it in the UK almost 10 years ago, we’ve firmly established our offering and its ability to deliver for our clients.”
The multi-bureau capability is built on Callcredit’s successful DecisionCX Data Hub platform, with customers in the UK having attested to increased acceptances and reduced referrals as result of the service.