The multi-million pound agreement will position Experian as Vanquis Bank’s principal credit bureau data provider. As well as providing the bank with its Transact SM application it will also make use of its Detect fraud prevention system.
Vanquis will also have access to Experian Fusion, the company’s hosted database marketing system.
Transact SM uses scoring techniques when assessing decision risks, which will enable Vanquis to define, test and manage decisions and under-writing strategies. Experian’s credit bureau will allow the bank to see applicants' credit history within the risk models implemented via Transact SM.
By appointing Experian, Vanquis hopes to enhance its ability to take on the right customers on the right terms by thoroughly checking potential new customers for debt and fraud.
Meanwhile Experian Fusion will allow Vanquis to plan, create and manage direct marketing campaigns.