Credit information company Experian today launched a grading system to assess the creditworthiness of first time borrowers and also upgraded its existing system of giving a score to repeat borrowers.
"For the first time borrowers, our system will first classify a borrower into a specific segment and then use the credit application data of existing borrowers in that segment to help the bank have a tool to understand the behaviour in future," the company's country manager Mohan Jayaraman said.
He said a lot of the factors like age, income bracket and profession, among others, will be used as the factors for the segmentation.
The company also launched an upgraded version of its already existing credit score for individuals, he said.
"This will primarily take newer inputs on the data front and has been calibrated as per the recommendations of the Aditya Puri committee," Jayaraman said.
At present, Experian has nearly 1,000 members as its members, who share data on borrower repayments with the bureau, Jayaraman said.
