The FinTech said it uses CRA data, Open Banking data and its own proprietary behavioural data to make active consumer lending decisions.
According to Zilch, the partnership with Experian will add reciprocal reporting of payment plans to the CRA’s data set and further demonstrates how its commitment to responsible lending ensuring that its customers’ financial health is “at the very heart of everything the business does.” This follows Zilch being one of the first BNPL companies to secure a Consumer Credit Licence with the FCA in November 2020.
Through this new partnership, Zilch will connect the comprehensive database of insights into what its 2 million customers can afford, which in turn will assist its active decision-making processes.
This comes at a time when BNPL providers are under scrutiny for how their services impact consumers. The Financial Health Network, for example, recently published research that revealed financially vulnerable consumers are more likely to use BNPL products.
Philip Belamant, Zilch co-founder and CEO, said, “Our mission at Zilch is to provide people with the most ubiquitous and rewarding way to pay for anything, anywhere. This partnership is one of many technology alignments that we are leveraging as we scale in order to create the most comprehensive view of a customer’s affordability all while ensuring performance is fed back to partners allowing others in the space to take responsible decisions too. “
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