Nov 16 (Reuters) – Experian (EXPN.L) said on Wednesday that volatility in Britain’s economic policies in recent weeks was impacting how lenders used its credit data services, even as the company posted a higher profit in the first half.
Demand for credit reports and scores has increased in Experian’s key markets as more customers turn to borrowing amid a squeezing cost of living, as the price of everything from fuel to food, is increasing and wage growth remains slow.
Experian, the world’s largest credit data company, said UK lenders were now generally focusing more on risk-based analysis and tweaking their criteria for acquiring new customers.
The company’s primary customers are banks, lenders and insurers, who use its credit reports and scores to analyze and make decisions about credit risk, fraud prevention and loan terms.
Demand for analysis of economic shifts, accessibility analysis and customer segment details has increased among its customers providing financial services, Experian said, adding that customers in the energy and utilities were looking for data on the impact of rising energy prices on households.
The company reported baseline total operating profit of $873 million for the six months ended Sept. 30, up from $806 million a year ago.
Experian maintained its annual outlook.
Reporting by Pushkala Aripaka and Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-Phillips
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