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Experian India launches Business Credit Report to help sole proprietors assess the financial health of their business
Posted on November 16, 2021
Enables B2B and fintech websites to provide credit reports to sole proprietors in a simple, paperless process
Hyderabad/Mumbai : Experian, the global leader in information services, has launched a Business Credit Report in India that will benefit both sole proprietors and the fintechs that serve those proprietors. The recently launched solution allows owners to check their credit report on the websites of B2B fintech players in seconds. It also allows fintechs to provide customized financial solutions. The seamless process for obtaining a commercial credit report requires no documentation, eliminating friction and creating an exceptional customer experience.
Fintechs have played an important role in financial inclusion by providing credit to owners. However, fintechs have come up against 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 analyzing credit information from customers. sole proprietors in a timely and transparent manner. With this solution, sole proprietors can access their business credit reports in real time, enabling fintech partners to provide faster and better access to credit. This report is a complete record of a homeowner’s debt exposure and payments. It contains valuable company information including credit score, business lines, repayment history, account classification, credit summaries (including share of wallet with different types of lenders), previous credit applications and much more.
Expressing its point of view on this innovative offer, Neeraj Dhawan, Managing Director of Experian India, said: “In recent years, many policies and regulations have played a catalytic role in the significant growth of the MSME sector. India has about 6.3 crore MSMEs and the sector grew at a CAGR of 18.5% from 2019 to 2020. In FY21, loan disbursements to MSMEs stood at Rs. 9.5tn, a 40% increase from Rs. 6.8 tn increase in FY2020. fintechs that use this information to provide customized solutions.
At Experian, we use the power of data to drive meaningful advancements and innovation. Given the challenges facing both homeowners and fintechs, our new solution, Business Credit Report, aims to create an ecosystem that improves homeowner lending and provides them with superior, more personalized offers. We believe it is imperative that homeowners monitor their credit information and Experian’s Commercial Credit Report intends to remove a big sticking point with other offerings on the market.
Fintechs can start delivering the Business Credit Report within days as it requires no 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 enhancing the overall customer experience.