experian: Experian India launches business credit report to help individual homeowners

MUMBAI: Experian has launched a business credit report in India that will benefit sole proprietors and fintechs serving these businesses. The solution allows owners to check their credit reports on the websites of B2B players. It also allows fintechs to offer personalized financial solutions. The process of getting a business credit report requires no documentation, eliminating friction and creating a great customer experience.

FinTechs have played an important role in financial inclusion by providing credit to homeowners. However, fintechs have faced two major hurdles when it comes to making the best lending decisions: the cost of acquiring new customers which has increased over the past few years, and the analysis of credit information from companies. sole proprietorships in a timely and transparent manner. With this solution, individual businesses can access their reports in real time, enabling fintech partners to provide faster and better access to credit. This report is a record of an owner’s exposure and debt payments. It contains valuable company information including credit score, business lines, repayment history, account classification, credit statements, previous credit inquiries and much more.

In a statement, Neeraj Dhawan, Managing Director of Experian India, said: “In recent years, many policies and regulations have been catalysts to dramatically grow the MSME sector. India has around 6.3 million MSMEs and the sector grew at a CAGR of 18.5% from 2019 to 2020. In FY21, loan disbursements to MSMEs amounted to 9,500 billion rupees, an increase of 40% from the increase of 6.8 trillion rupees in FY20. However, there is currently friction in the lending process – for homeowners who wish to access funds. information and for fintechs who use this information to deliver personalized solutions. Given the challenges facing both homeowners and fintechs, our new solution aims to create an ecosystem that improves homeowners lending and delivers superior, more personalized offerings to homeowners. ”

FinTechs can start delivering the report within days as it does not require any separate technology development and is easily accessible through Experian’s APIs. Additionally, API configurations allow partner organizations to design their own customer journeys, personalizing and improving the overall customer experience.

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