Experian partners with Paylink to tackle revolving debt with ReFi

January 9, 2025

Experian, a global leader in consumer and business credit reporting and analytics, has partnered with Paylink Solutions, a specialist in financial technology solutions, to incorporate ReFi™ into its Experian Consumer Services Marketplace.

The partnership aims to address the critical issue of revolving debt in the UK by leveraging ReFi’s innovative approach to debt consolidation. This technology directly resolves systemic issues in lending, such as the ‘double counting’ problem, which has long hindered consumers’ access to affordable consolidation loans.

Paylink Solutions, known for its advanced financial software, developed ReFi™ to help consumers and lenders optimise debt management. By integrating directly with creditors, ReFi™ ensures that funds are used to settle existing debts, giving lenders confidence in affordability assessments.

Experian’s research reveals that 41m UK consumers hold credit products, with 83% trapped in revolving debt.

Jake Ranson, CEO of Paylink, highlighted the success of ReFi™ in helping thousands reduce their monthly outgoings. He said: “The team who built ReFi^TM feel tremendously privileged to already have helped thousands of people reduce their monthly outgoings and cut the amount of interest they have to pay overall. Becoming part of Experian will enable us to further innovate, accelerate and grow the impact ReFi^TM will have on delivering better outcomes for lender and borrower alike.”

Experian’s managing director, Edu Castro, also emphasised the partnership’s importance: “Our research shows that millions of consumers are stuck in a revolving debt trap, due to the systemic issue of ‘double counting’ when consumers apply for debt consolidation products. ReFi™’s innovative solutions will play a crucial role in addressing the debt challenges faced by many consumers, unlocking access to debt consolidation products that could help them save money on their debt and even pay it off sooner.

“Adding ReFi™ from Paylink aligns with our mission to empower consumers and support lenders in making informed, responsible lending decisions.”