Experian, the consumer credit assessor, said cuts in the number of mortgages and loans approved on both sides of the Atlantic would continue to peg back growth in the first three months of 2008.

The company, which specialises in checking individuals' creditworthiness, reported in a trading statement that organic growth was a modest 2 per cent in its third quarter to December 31. It said that the environment was no better in the start of the year.

Don Robert, the company's chief executive, said that "trading conditions are not expected to improve in the fourth quarter". To maintain momentum in profit growth, he unveiled a cost-cutting programme that will save $80 million (£41 million) a year from 2010, with half the benefit coming in 2009. The exercise will cost $100 million to implement, with most of the charge taken in the current year.

"Some of our clients [lending banks] have begun 2008 with a business-as-usual mindset, but others are much more cautious. What they all share, though, is a growing concern over the level of delinquencies and loan losses," Mr Robert said.

Experian's key credit services division showed a 2 per cent decline in both North America – which is grappling with the sub-prime mortgage crisis – and the UK and Ireland, countries where the company said that conditions had worsened in the last three months of 2007.

In the UK, Experian warned of "significant declines in unsecured lending and mortgage approvals" as banks, which use Experian's credit references, shift to a risk-averse policy in the wake of the problems in the secondary banking market that prompted the collapse of Northern Rock.

Growth in other divisions helped Experian to post an overall gain on a like-for-like basis. With acquisitions included, revenue growth was 22 per cent for the quarter, boosted in particular by Serasa in Latin America.

Experian said that earnings were on track to meet analysts' forecasts. The company was expected to post annual pre-exceptional operating profits of $950 million ahead of this morning's statement. The next full results, for the year to March 31, are due on May 21.

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