Experian, a global leader in consumer credit reporting, has joined forces with Oakbrook, a prominent non-bank consumer lender, to provide innovative debt consolidation loans.
This strategic partnership leverages Paylink’s ReFi technology, hosted on the Experian Marketplace, aiming to enhance financial inclusion and improve consumer access to credit services.
The collaboration addresses a pressing need within the consumer credit sector—debt consolidation remains the primary reason consumers seek loans through Experian. Traditional barriers such as affordability constraints often hinder consumers’ ability to secure necessary financing. By integrating Paylink’s ReFi technology, Experian Consumer Services (ECS) seeks to broaden financial access, allowing more consumers to consolidate their debts efficiently.
Oakbrook stands out as the inaugural lender to offer ReFi-enabled loans on the Experian Marketplace. This initiative will allow consumers to merge various financial obligations, such as personal loans and credit cards, into a single, manageable loan, thereby simplifying their financial landscape and potentially reducing overall costs.
Ewan Hamilton, commercial director at Experian Consumer Services, expressed enthusiasm about the partnership: “We are thrilled to partner with Oakbrook on a shared ambition to improve financial inclusion and help households reduce their debt more effectively. The collaboration between Experian, Oakbrook, and Paylink will help us address the affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”
Claire Smith, head of marketing at Oakbrook, also shared her perspective: “Oakbrook is committed to simplifying and personalising borrowing. This collaboration with Experian and Paylink enables us to bring this vision to life, providing innovative solutions that give customers better access to credit and help them simplify their financial commitments. As the first lender to offer ReFi-enabled loans, we’re excited to lead the way in delivering real, positive change for consumers, empowering them to manage their debts more effectively and meet their financial objectives. ”
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