Experian has announced the launch of 4D Credit – a new suite of services designed to help lenders better manage their commercial lending portfolio and provide valuable support for small businesses as they look to battle economic uncertainty.
For the first time, commercial lenders have access to Experian’s market-leading credit risk data and analytics capabilities all in one place. 4D Credit provides a full picture view of affordability, growth, survivability and riskby sourcing and analysing a range of relevant data sources, including credit consumption, payment behaviour and current account turnover.
Recent research from Experian, which surveyed more than 200 lenders, found that 33% said current affordability processes and data aren’t sufficient enough to meet the requirements of Consumer Duty. Fifty-nine percent said their data and technology needs updating for them to be fully confident that they are ensuring the good customer outcomes that Consumer Duty demands.