With the UK invoice finance industry growing at a rapid rate and worth in excess of £148 billion, according to The Factors & Discounting Association (FDA), the alliance between Experian and Risk Factor Solutions will bring major risk management benefits to the industry – helping to minimise the risk of bad debt and fraud in the sector.
As Experian’s latest alliance partner, Risk Factor Solutions will be integrating a selection of Experian’s commercial credit data as a module of riskFactor. This data includes Experian’s risk scores and credit limits, payment information and the option to download industry-specific business credit reports for more detailed risk information.
As part of the agreement, Experian will also be providing its constant monitoring service through riskFactor – which will use the data to provide automated alerts to users on any events that may affect a lending decision. This monitoring includes both business performance attributes, such as likelihood of company failure, payment behaviour data, and alerts for key company events, including CCJs, winding up orders and changes to parent company, registered office or directorships.
These automatic alerts focus the user’s attention more quickly towards those clients and debtors representing high levels of risk so that action can be taken earlier to avoid suffering bad debts. The Experian data can also identify where debtors are paying lenders more slowly than other sales relationships.
John Smith, Sales and Marketing Director, Risk Factor Solutions, said: “This alliance is a really exciting development for our business and will bring major benefits for the industry. Risk managers need lots of information to evaluate risk in their portfolios, but it is often in many disparate places within their organisations. Consequently, it is difficult for risk managers to see a consolidated view of how their clients and debtors are behaving overall.
“The integration of our internal analysis of the collateral supporting lending exposures and external information from Experian will enable us to provide much more powerful risk assessments and enable our customers to get a complete view of their portfolio and risk exposure.”
Chris Reed, Head of Alliances and Partnerships within Experian’s Information Solutions division, concludes: “The riskFactor tool is used by risk managers to evaluate and manage their portfolios more effectively and quickly, detect fraudulent behaviour and help lenders avoid bad debt. By working with Risk Factor Solutions, we are able to enhance the effectiveness of this tool, helping the industry to grow by providing real insight into the risk and behaviours of its clients and debtors.”
The riskFactor tool is currently used by over 60 companies worldwide, with around 82 per cent of the turnover managed by all FDA members being analysed by the application every single day.
More detailed information can be obtained by visiting www.riskfactor-solutions.com
As Experian’s latest alliance partner, Risk Factor Solutions will be integrating a selection of Experian’s commercial credit data as a module of riskFactor. This data includes Experian’s risk scores and credit limits, payment information and the option to download industry-specific business credit reports for more detailed risk information.
As part of the agreement, Experian will also be providing its constant monitoring service through riskFactor – which will use the data to provide automated alerts to users on any events that may affect a lending decision. This monitoring includes both business performance attributes, such as likelihood of company failure, payment behaviour data, and alerts for key company events, including CCJs, winding up orders and changes to parent company, registered office or directorships.
These automatic alerts focus the user’s attention more quickly towards those clients and debtors representing high levels of risk so that action can be taken earlier to avoid suffering bad debts. The Experian data can also identify where debtors are paying lenders more slowly than other sales relationships.
John Smith, Sales and Marketing Director, Risk Factor Solutions, said: “This alliance is a really exciting development for our business and will bring major benefits for the industry. Risk managers need lots of information to evaluate risk in their portfolios, but it is often in many disparate places within their organisations. Consequently, it is difficult for risk managers to see a consolidated view of how their clients and debtors are behaving overall.
“The integration of our internal analysis of the collateral supporting lending exposures and external information from Experian will enable us to provide much more powerful risk assessments and enable our customers to get a complete view of their portfolio and risk exposure.”
Chris Reed, Head of Alliances and Partnerships within Experian’s Information Solutions division, concludes: “The riskFactor tool is used by risk managers to evaluate and manage their portfolios more effectively and quickly, detect fraudulent behaviour and help lenders avoid bad debt. By working with Risk Factor Solutions, we are able to enhance the effectiveness of this tool, helping the industry to grow by providing real insight into the risk and behaviours of its clients and debtors.”
The riskFactor tool is currently used by over 60 companies worldwide, with around 82 per cent of the turnover managed by all FDA members being analysed by the application every single day.
More detailed information can be obtained by visiting www.riskfactor-solutions.com