Data sharing has become a new norm in the financial services industry and for many providers it’s a way of being able to see a clearer picture of a consumer’s credit history. One of the main ways that organisations can view consumer credit data is through Credit Account Information Sharing (CAIS; pronounced k-e-y-s).
CAIS, which is hosted by Experian™,is a database of consumer credit history and is the UK’s largest source ofUK consumer credit commitments. With 350 CAIS members, Experian has created a way for providers to share data on all their customers’ credit accounts and account behaviour from the last six years. The use of CAIS is also governed by the Principles of Reciprocity, meaning that if you use the shared data to make your lending decisions, you should reciprocate by sharing your own data.
What is the benefit of being a member and sharing data to CAIS?
As mentioned above, there are 350 CAIS members. This includes banks, lenders, insurers and utility and tele comcompanies. This means when you are credit checking consumers’ applications, you have access to the data from a wide range of major lenders, therefore, you are able to see an accurate picture of a consumer’s credit history. Submitting data toCAIS also means you’re helping to add to this picture. The more data that is available on a consumer, the more accurate the lending decision can be as the lender has a much more detailed history. And when your organisation is focused on helping those who are financially vulnerable, this is an important step to take.
Access to the CAIS database enables you to:
(https://www.experian.co.uk/cais/)
As a member, you can also gain access to additional behavioural data gained from credit and store cards. This is an ideal way for you to identify customers that are showing signs of over indebtedness or financial stress.
Being a CAIS member and having access to data from virtually every major lending organisation is a sure way of knowing you’re lending responsibly to those who are able to afford it. You’re also protecting your business from bad debt all while allowing consumers to improve their Experian credit report.
You can find out more information on CAIS by visiting Experian’s website, here.
The easiest way to get started withCAIS and Soar is through the Soar Lite package which enables you to run credit reports, identity checks, credit decisioning and CAIS data sharing.
