Loan News More People Getting Credit Reports In Tight Lending Market
17 April 2009 / by Rachael Stiles
Experian, the global information services company which measures people’s credit worthiness, has experienced a rise in business as consumers have found it harder to get credit.
In its trading update for the last six months up to the end of March, Experian’s consumer division has seen subscriber numbers increase significantly as more people want to manage their finances better in order to qualify for cheaper loans and mortgages.
Experian saw growth of five per cent in its UK division, with organic revenue growth of 48% reflecting increased subscriptions, it said.
Commenting on Experian’s performance, chief executive officer Don Robert said: “As we move into our new financial year, we see some signs of stabilisation in the financial services sector which we hope will translate eventually into improved consumer lending activity.”
But, he added, in the short-term “the environment remains fragile, and we continue to be cautious about the immediate outlook for organic revenue growth, which may soften in the first quarter. Our focus remains on harvesting growth opportunities, driving cost efficiencies and delivering strong cash flow.”
Experian’s retail credit-checking service has remained one of the strongest growth areas, the report reveals, with a high number of consumers seeking their credit report, but lenders have also contributed to the growth, using the service to manage debt recovery in addition to analysing and identifying potential customers.
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