Seven quarters into the credit crunch and Experian, the consumer credit-rating business that counts many of the world's major banks among its clients, sees signs that things are stabilising.

"By now most of the banks have recapitalised, taken Government money, merged or been taken over," said finance director Paul Brooks. "In that sense, the industry has settled down. Eventually, we hope that will translate into improved consumer lending. But for the moment, lending criteria remain very tight and our clients are still doing very little in the way of prospecting for new business."

In the final quarter of its financial year to end-March, Experian saw revenue growth slow to 3% from 5% in the third quarter. Brooks said slowing revenues in key markets like the US had been partly countered by good growth in emerging markets and a focus on counter-cyclical activities like helping banks manage difficult accounts and arranging debt collection.

It is also building up its non-financial services client base particularly among utilities and public sector services.

Experian is happy with analysts' forecasts of a modest dip in profits to around $800 million (£533 million) for the year ended. But it is cautious on the new year.

Brooks said: "The environment remains fragile and we continue to be cautious about the immediate outlook for organic revenue growth which may soften in the first quarter."