Enables B2B and fintech websites to deliver credit reports to Sole Proprietorships in a simple, paperless process
MUMBAI, November 16, 2021: Experian, the world leader in global information services, has launched a Trade credit report in India which will benefit both sole proprietors and fintechs serving those owners. The recently launched solution allows owners to check their credit reports on B2B fintech players’ websites in seconds. It also allows fintechs to offer personalized financial solutions. The seamless process for 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 analyzing credit information from clients. sole proprietorships in a timely and transparent manner. With this solution, individual owners can access their corporate credit reports in real time, enabling fintech partners to provide faster and better access to credit. This report is a comprehensive record of an owner’s exposure and debt related payments. It contains valuable company information including credit score, trade lines, repayment history, account classification, credit records (including share of portfolio with different types of lenders), previous credit inquiries and much more.
Expressing its point of view on this innovative offer, Neeraj Dhawan, Managing Director, Experian India said: âIn 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. MSMEs amounted to 9.5 billion rupees, an increase of 40% over compared to the increase of 6.8 billion rupees in FY20. However, there is currently friction in the lending process – for homeowners to access information and for fintechs to use this information to provide customized solutions.
At Experian, we use the power of data to drive meaningful advancements and innovations. Given the challenges faced by owners and fintechs, our new solution, Trade credit report, aims to create an ecosystem that improves lending to homeowners and provides them with superior and more personalized offers. We believe it is imperative that homeowners control their credit information and the Experian Business credit report intends to remove a big sticking point compared to other offerings in the market. ”
Fintechs can start providing the trade credit 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.
Experian is the world leader in global information services. During the great moments of life – from buying a house or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our customers to manage their data with confidence. We help individuals take financial control and access financial services, businesses make smarter decisions and prosper, lenders lend more responsibly, and organizations prevent fraud and identity crime.
We employ 17,800 people in 44 countries and invest in new technology, talent and innovation every day to help all of our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.
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