Lenders refresh the credit account information held by Experian monthly. Experian ensures that updates are received on time, that the correct tapes are received and that they contain a valid number of records. The number of active records held on the Experian database is compared with the number of updates. If tapes contain too few or too many records, or if other inconsistencies are identified, the update is delayed for anomalies to be investigated and mistakes to be corrected before they reach Experian's database. Where any item of data is proved to be incorrect or incomplete the record is amended accordingly.
All amendments are independently quality controlled.
Working with lenders to ensure data quality A joint initiative between Experian and individual lenders ensures that information supplied to Experian is subjected to critical examination in addition to, and entirely separate from, Experian's regular, built-in quality control procedures. Every six months, credit account data is subjected to a full set of quality tests, as though it had been submitted for the first time, and audit reports are distributed to members of CAIS with recommendations on how any improvements can be achieved. Follow-up meetings are held to ensure that any problems which are identified are understood and commitments to resolve them are made and honoured. The audit tests themselves are periodically reviewed to ensure they remain relevant and comprehensive. Experian strives to work with members of CAIS to reach the highest possible levels of data accuracy.