Equifax India, a firm providing credit information solutions, today launched a product which will act as an aggregator of the reports from multiple credit bureaux and help bank managements take an informed call while analysing loan proposals.
"Each credit bureau has its own unique search algorithm, so by relying on a multi-bureau approach instead of just a single bureau, lenders can leverage the data and reports from multiple bureaus," Equifax said in a statement.
The company claimed lenders like Bank of India and ICICI Bank are already using the new solution.
"With the advent of multiple bureaus in India, it is imperative for us to develop capability to use the data being provided by the bureaus," ICICI Bank Executive Director Rajiv Sabharwal was quoted as saying in the statement.
The tool will help lenders make better underwriting decisions and reduce their operational costs, it claimed.
