© Reuters. FILE PHOTO: Experian logo is seen on a smartphone in front of displayed stock graph in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -Experian said on Wednesday volatility in Britain’s economic policies over the past few weeks was having an impact on how lenders were using its credit data services even as the company posted a higher first-half profit.
Demand for credit reports and scores has been rising in Experian (OTC:)’s main markets as more customers turn to borrowing amid a cost-of-living squeeze as the price of everything from fuel to food are surging and wage growth remains slow.
Experian, the world’s largest credit data firm, said lenders in Britain were now generally focusing more on risk-based analysis and tweaking their criteria for new customer acquisition.
The company’s key customers include banks, lenders and insurance providers, which use its credit reports and scores to analyse and make decisions around credit risk, fraud prevention and lending terms.
Demand for economic-change analytics, affordability analysis and details on customer segments had increased among its clients proving financial services, Experian said, adding that clients in the energy and utility sector were looking for data on the impact of energy price hike on households.
The company reported total benchmark operating profit of $873 million for the six months ended Sept. 30, as compared with $806 million a year ago.
Experian retained its annual outlook.
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