Experian is one of the largest credit management companies in the world, they are most famous for leading the way in providing rapid results on credit history checks, ensuring that lenders know exactly who they are about to hand a loan over to. While Experian is based in Dublin, they have operational centres in Nottingham, Sao Paulo and in California and they employ a total of 17000 people. Their job is to compile all the data on purchases, income and outgoings on individuals so that when that individual next goes to apply for credit, they can quickly give the lender an assessment on whether they can afford it or not. ExPin is the name of the new system that Experian have developed to further assist third parties in lending.
ExPin’s focus is on the customers of Experian’s clientele. The system compiles data from Experian’s already considerably database and then delivers this information directly to the client. Each ExPin client is given a bespoke service that matches the customers that they might come into contact with, it constantly updates itself so that the information is always current and relevant to the transaction they are about to make. The quantitative assessment that ExPin will make for clients will take a lot of the hassle out of making a credit assessment themselves, and clients can have confidence in the accuracy of the results that the system provides.
Recently, as part of a multimillion pound deal, Experian have teamed up with Wescot, a debt recovery agency from Glasgow, to allow them to use the ExPin system. This move is set to rapidly speed up the process with which they can recover debts. There are a certain amount of pressures on debt recovery agencies to act within stricter guidelines as per the Financial Conduct Authority (FCA) as well as the limited funds available to most people as a result of the global financial crisis. By utilising the ExPin system, Wescot are now able to rapidly make an assessment on just how much the customers can pay by looking at how much money they spend each month.
The speed at which ExPin can now deliver results to the clients of Experian has helped to ensure the credit management company’s success in the future as well as helping thousands of clients make credit decisions across the world.
Wescot Credit Services have announced a new multi-million pound contract with global information services company Experian for data services provision over the next two years. The contract extension ensures Wescot will have access to information, which ensures their ability to better assess customer characteristics and enhance its collections performance. As part of this new contract, Wescot will also become one of the first to be integrated into Experian’s new ExPin platform, a dynamic new initiative which changes the way in which data is matched by issuing each client with a unique PIN number. This greatly reduces the chances of data duplication and improves on both data quality and overall match rates. By maximising the opportunity to retrieve data accurately, ExPin will enable Wescot to gain a far more comprehensive portrait of its customers in order to improve upon the services they receive.
Wescot are one of the largest debt collecting agencies in the UK, employing over 650 people across three offices. As an ethical debt collecting agency, Wescot Credit Services pride themselves on following stringent government regulations. In some cases, Wescot have even been instrumental in the formation of the regulations themselves, thus determining the debt collection industry standards. The core focus of Wescot is within the banking, telecoms, utility and retail finance sectors. The valuable debt recovery skills which have been built up by the team at Wescot are increasingly being sought by the public sector. Wescot Credit Services also continue to work closely with blue chip clients, with the aim of bringing about favourable resolutions between clients and individuals who have fallen into arrears.
The strategic partnership Wescot have undertaken with Experian will allow the company to improve upon their collections operating model, by delivering further insight into client portfolios and individual customers. Once the ExPin system has been implemented, Wescot will be able to further enhance their performance on behalf of their clients and deliver favourable solutions to debt management, which are tailored to the individual. Wescot remain committed to adhering to the highest standards of compliance in order to protect both their clients and the Wescot brand.