Experian is widely known in the UK for consumer credit scoring. As a major credit-checking agency, it:
- Gathers significant quantities of information on many individuals.
- Experian also helps organizations to identify the best prospective clients and make informed decisions to personalize and develop customer relationships.
- They support the direct marketing, business information, decision support and outsourcing requirements of over 40,000 organizations.
- The company also provides information on real estate, consumer credit, and business credit.
In the UK, they are the largest credit reference agency, serving variety of businesses such as banks, building societies, finance houses and major retailers. Analysing relevant information, such as details supplied on an application form, helps customers determine quickly whether or not the person applying for credit is likely to repay.
The information provided by Experian in its capacity as a credit reference agency helps its users to make credit management decisions quickly and easily. The company's Consumer Help Service consists of a pool of trained professionals dedicated to assisting members of the public to exercise their rights and to answering any queries they may have about their credit reference information.
Each year about one million people ask Experian to send them copies of their credit reference files. They also deal with more than 200,000 queries and requests for advice. They hold strategic alliances with such companies as eFunds and NCR. These partners have helped to build its database and develop applications to support new and innovative products and services. They have established them self as a global corporate player with offices in over 20 countries and customers in 50 countries.
Experian has a major presence in the USA, where it is one of the top credit reporting agencies, maintaining information on fifteen million US businesses. They also help 215 million US consumers each year. More than 6 million US consumer customers a year purchase credit report products and automotive history information. A frequently asked question is how do they reach a credit-score for individuals? This changes from country to country, depending on the information available, however they use a precise and trusted methodology for building up a credit rating.
The company works closely with lenders, the media, consumer groups and money advice organisations to make individuals aware of the information it holds, how that information is used and the rights people have. They base this information on a Judgment. A Judgement is a record of a debt, such as that made by a county court, entered on the public register to show that an individual has been taken to court for the recovery of a sum of money. They are notified of judgments, satisfactions and cancellations on a weekly basis. Customers are able to undertake business whilst minimizing the risk of bad debts by relying on Experian.