The decision to provide a loan or not depends on the information by the credit bureau. Hence, banks need to select a particular credit bureau. Each bank is assigned with one or more than one credit bureau for them to work legally. When we talk about ING bank, they are also attached with credit bureaus for easy work. The credit bureau used by ING bank is Equifax and Illion.
Basics of ING bank:
ING bank is counted as the group of top 30 banks across the globe. It is also considered in the largest top ten European countries by their revenue. ING bank is a Dutch-based bank group providing multiple facilities to their customers. The ING group is typically a Dutch-based group of multinational banking and financial service providing banks.
The ING bank was founded by the merging of two different companies named as Nationale-Nederlanden and NMB Postbank Group in the year 1991. The insurance branch of Nationale-Nederlanden (Netherland) merged with NMB Postbank Groep (Dutch) government services to give rise to the ING groups. ING banking groups are known to provide multiple services such as retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, insurance services, etc.
Credit Bureau Used By ING Bank:
ING bank completes its work process with the help of two credit bureaus. They are Equifax and Illion.
Equifax
Equifax is counted in the top three consumer reporting credit agencies also called the Big Three. Their prime work is to collect credit details from each individual and then submit them to their targeted bank. This helps the banks to understand the creditworthiness of particular persons. It also enables the banks to take a proper decision related to providing loans and their limits. Equifax sells their customer’s details and insurance reports to several businesses in the exchange for a particular fee. The businesses receiving information from Equifax are expanded in the field of healthcare, insurance firms, government bodies, banks, credit scores companies, etc.
Illion
Illion is also a data and analytics provider service available in Australia. It also works in a similar pattern to Equifax. Illion collects multiple credit data of people and businesses for maintaining the history of their credit scores. This data is then shared with different required places and also used to create their credit score, credit reports. The credit scores and credit reports are then used for the checking of creditworthiness by banks while applying for loans or similar services. ING banks also use the Illion credit bureau system for their customer’s credit history details.
Requirements of Credit Bureau in Banks:
Credit bureaus are those firms that work on delivering credit-related information of different clients to the lending firms such as banks.This information allows lending firms to know about the parties they are going to lend some money to.
It also makes them aware of their client’s creditworthiness, on which banks can decide to accept or reject loan applications.
The credit bureau only works with the information part of customers. The decision to accept or reject loans still lies in the hand of the bank only.
Credit bureaus also keep total track of their customer’s credit details to make credit reports and generate credit scores.
These reports are used by banks to know the financial details of their customers.
Conclusion
The banking industry is a wide range of networks having its work distributed in many sectors. One of their main jobs is to approve loans. Approving a loan mainly depends upon the financial condition of the borrowing partner. To know the details of the borrower and the financial condition, banks take help from credit customer agencies. These credit bureaus exchange the customers’ details by some fees as a part of the business. Each bank is tied up with a different credit bureau. Similar to that, ING bank is also tied up with Equifax and Illion credit bureau.
What is meant by a credit report?
A credit report stands for the complete credit history of an individual in a sorted way. It can include several things in it. As a report, it will include basic personal information such as an address, type of employment, etc. It is also known to include bank details, remaining amounts, number of bank accounts with their balance details, credit card details, and also the complete information about turnovers and remaining loans.
Which all credit bureau is included in the Big Three?
The three credit bureaus included in the Big Three are Experian, Equifax, and TransUnion.
