15th June 2022.
We’re now using Equifax as our open banking provider, one of the UK’s big three credit reference agencies and are looking forward to our new partnership developing. This is to replace the service previously provided by Credit Kudos.
Equifax’s market-leading Open Banking service will allow us to understand customers’ affordability quickly and accurately to not only provide them with a suitable repayment solution, but also refer them for free debt advice if required. Plus, for lenders, this will ensure they are lending responsibly and protecting vulnerable customers from taking out unaffordable credit.
Equifax estimates the percentage of financially vulnerable people in the UK has almost doubled from 2.7% to 4.4% since 2020. During the pandemic, there was also a significant increase in the number of people setting up online accounts, with around 15% more people accessing Open Banking on their mobile device.
Susan Rann, our CEO, said: “Few of us have escaped the economic impact of the cost-of-living crisis and the pandemic, but it’s those closer to the breadline that are at particular risk of struggling to meet their financial commitments. For those in this situation, facing up to failure takes a huge amount of courage, so it’s important we make it as simple and seamless as possible for people to get the support they need.
“Meeting with Equifax, it was immediately clear it had the right mix of technology and insight to solve the problem our clients’ customers are facing. People want to be able to share information safely and discretely and often that means doing so online. This also helps to save agent time sourcing information manually, and improves accuracy when determining consumers’ income, expenditure and ultimately what they can afford to repay.”
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