Equifax India launches a new product for multiple data collection

Equifax India, a credit information company, on Tuesday launched BureauOne, a software solution that collates various credit bureau responses and delivers them to banks.

“Using our international resources and expertise, Equifax India has created BureauOne to cater precisely to the needs of the Indian marketplace,” said Shahid Charania, Managing Director of Emerging Markets, Equifax. “The solution is customizable through all phases of development and deployment…”

The solution is custom-created for the India marketplace and serves as an intelligent router that connects the lender’s loan processing systems directly with all the major credit bureaus operating in the country, the company claims in a pres release.

This is how it works:

Using this tool, lenders can submit one inquiry to BureauOne, and the product will send back a result of reports from all of the bureaus connected to it using rules that are configurable by the lender.

A multi-bureau approach is significant because it gives customers the ability to improve its credit appraisal process more efficiently.