Does Credit Karma Hurt My Score?
No, checking your credit score on Credit Karma does not hurt your score. This is because Credit Karma uses soft inquiries, which do not affect your credit score. Hard inquiries, on the other hand, can lower your credit score by a few points. Hard inquiries occur when you apply for a loan or credit card, or when a lender checks your credit as part of a pre-approval process.
Capitec Bank Selects Experian for Debt Management and Collections
Capitec Bank, a leading retail bank in South Africa, has selected Experian, the global information services company, to help it enhance its debt management and collections activities. This partnership will allow Capitec Bank to improve its efficiency in managing customers in arrears, reduce debt write-offs, and increase working capital.
Key Benefits of the Partnership
- Improved efficiency in managing customers in arrears: Experian’s Tallyman software will automate the collections process, allowing Capitec Bank to manage its customers in arrears more efficiently and effectively.
- Reduced debt write-offs: Tallyman will help Capitec Bank identify and collect on debts that may otherwise be written off, reducing the bank’s losses.
- Increased working capital: By reducing debt write-offs and releasing cash locked up in outstanding debt, Capitec Bank will be able to increase its working capital.
How Tallyman Works
Tallyman is a key component of Experian’s Debt Collection and Recovery suite. It automates the collections process across the complete lifecycle, from managing high-risk pre-delinquent customers through to debt recovery. The software will identify Capitec Bank customers who have fallen behind on their payments and flag up those who might be facing financial difficulties. This will allow Capitec Bank to take the appropriate actions to collect on the debt, while also providing support to customers who are struggling financially.
Quotes from Key Stakeholders
- Chris Oosthuizen, IT Executive from Capitec Bank: “Capitec strives to invest in world-class technology to manage every aspect of the business with high levels of efficiency, and it is clear that Experian’s Tallyman software stands out as the very best in its field. For us, a key element of effective debt management is understanding each customer’s financial situation to be able to set the right strategies for each group, rather than applying generic strategies. Thanks to Tallyman, we will be able to do just that and to minimize collections costs and bad debt write-off, while delivering the best possible customer service.”
- David Challies, Head of Experian Decision Analytics in South Africa: “Tallyman will allow Capitec Bank to manage customers in arrears efficiently and effectively. The software’s flexibility means that Capitec can rehabilitate customers back to active trading, identify and manage those showing signs of financial distress, but also take the appropriate actions for those customers where the recovery of debt is a priority.”
Additional Information
- Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries.
- Experian’s Decision Analytics division specializes in providing credit risk and fraud management consulting services and products.
- Capitec Bank is a retail bank that focuses on providing simplified and affordable banking services to clients in South Africa.
The partnership between Capitec Bank and Experian is a significant development in the South African banking industry. It will allow Capitec Bank to improve its efficiency in managing customers in arrears, reduce debt write-offs, and increase working capital. This will ultimately benefit both Capitec Bank and its customers.
Additional Resources:
- Experian website: https://www.experian.com/
- Capitec Bank website: https://www.capitecbank.co.za/
- Experian Decision Analytics website: https://www.experian-da.com/
Note: This analysis is based on the information provided in the two URLs you provided. I have not conducted any independent research on this topic.
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Challenging your information with Experian
Experian is a company that maintains consumer data, which financial services providers use to evaluate a customer’s creditworthiness and, in certain cases, to inquire about their score. When customers apply for a service or update their information with a financial services provider, we receive consumer data from those providers. Additionally, we get payment data reflecting the payment habits of our customers, like when they’ve closed an account, missed payments, or made timely payments.