For banks and lenders, any information pointing towards whether a loan / credit product is going to be repaid by a particular borrower is of paramount importance, as it spells the difference between making a profit and incurring a loss.
Dishonoured and overdue repayments throw the bank off balance, if done on a large scale – and banks today are not taking the risk of lending to everybody regardless of their credit history. In order to be fair and logical in their selection process, banks lean on credit information companies like Equifax, CIBIL, Experian, etc. to provide them with reports containing the loan applicant’s historical behaviour with credit and loans.
Banks pick applicants that have a high enough score, or those whose credit report contains information that points towards the possibility that he/she can be trusted with a loan product. This is done right at the outset of the loan approval process.
The ePort portal offers a one stop solution to banks and lenders to get the information that they need to make an informed decision on lending, on an individual basis. A Company ID / User ID and Password must be entered on the login page of the ePort portal.
Through the online ePort portal, the company offers a facility wherein banks, lenders, and other financial institutions can access, in real time, the following types of reports about potential borrowers:
- Basic Credit Information Report:
Across its members, Equifax maintains a massive database containing the credit history of individuals, which contains the following sections:
- Identification and Contact: ID and contact information of potential borrowers / bank customers.
- Credit Summary: Summary of credit behaviour and assessment of individual characteristics.
- Recent Activity: Details of delinquent accounts, accounts recently opened or closed.
- Account Details: Repayment history for each account.
- Inquiries: Previous inquiries made on a potential borrower.
- Enhanced Credit Information Report
All the information in the basic information report, and a few more detailed insights into customer credit history are represented graphically in this report. The credit portfolio, delinquency trend, credit mix, application history, credit limit utilization, etc. are all represented in a manner that’s designed to optimize efficiency in underwriting processes.
- Consumer Demographic Report
Contains customer information reports grouped by specific demographics, and can be made available to banks and lenders.
- Verification Services
Equifax offers an efficient verification service.
Consumer credit history and behavioural patterns are recorded and organised in a way that allows for customisable demographic selection and analytics data representation.
Features and Benefits of the ePort facility
Listed below are a range of features, services, and benefits of the ePort portal:
- The primary use of the information is to prevent bad debt from accumulating.
- It ensures that banks lend to the right borrowers.
- Ensures that borrowers perform better with credit so as to be eligible for further credit and in larger amounts.
- Mitigates Fraud.
- ID Verifications.
- Consumers can have their grievances addressed in case of wrong or faulty information.
- It’s the member login page for the Equifax range of services.
- Online access to credit information.
- Historical records are also maintained in the online database.
- Deviations by time and user for records usage.
- Online security through secure tokens, automatic timeouts of sessions post inactivity, etc.
- Rapid implementation facilities.
- Information access is monitored for role and location-based security.
- There’s no minimum volume requirement.
- 24 / 7 accessibility.
- The service has full scalability.
- Direct download facility.