Experian, a global leader in consumer and business credit reporting and marketing services, has teamed up with Oakbrook, a prominent non-bank provider of consumer lending solutions.
This collaboration marks a significant stride towards enhancing financial inclusivity and providing more competitive loan options.
The core of this partnership lies in leveraging Experian’s innovative Experian Boost service in Oakbrook’s decision-making processes for personal loan applications. This integration is set to transform access to credit by aiding those who may have previously been ineligible, thereby promoting broader financial inclusion.
By incorporating Experian Boost data, Oakbrook can now utilize alternative data sources to better assess an applicant’s financial health. This not only helps in recognizing eligible borrowers who might have been overlooked but also ensures more competitive loan terms based on a more accurate financial profile.
Recently, the partnership has been further enriched by an update that increases the potential boost to an Experian Credit Score by up to 101 points, significantly enhancing financial opportunities for many.
Eduardo Castro, Managing Director of Experian Consumer Services, emphasized the transformative potential of this alliance, stating: “This partnership demonstrates how alternative data can drive financial inclusion while supporting lenders in making informed credit decisions. By using Experian Boost in the decisioning process, lenders like Oakbrook can expand their reach and offer credit products to a wider pool of borrowers. Likewise, as the increased cost of living continues, it’s important for us to work with lenders to help consumers get access to credit options that they can manage.
“Experian Boost launched to help make affordable credit more inclusive, so we’re pleased that our partnership with Oakbrook is building on our commitment to providing that opportunity for consumers across the UK.”
James Blakey, Chief Analytics Officer at Oakbrook, also shared his enthusiasm: “At Oakbrook Finance, we understand the crucial role that access to credit plays in empowering individuals to achieve their financial goals. Our goal is to continuously innovate and offer tailored, affordable, and straightforward financial products. We are committed to providing solutions that are not only accessible but also easy to manage and understand, ensuring our customers have the confidence and support they need in their financial journey.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
