Experian has launched a new service providing
creditors in the UK with more accuracy when assessing consumer
indebtedness and determining the affordability of credit
commitments.
The new service will allow lenders to assess
different elements of affordability and indebtedness at the point
of credit application and as part of ongoing customer
management.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The global information services company has
recently been granted access to current account turnover data from
UK banks, meaning that it can now provide a more reliable method of
estimating and verifying income, the company said.
This has been combined with assessments of
credit and non-credit expenditure to obtain a more reliable
estimate of disposable income.
Jonathan Westley, managing director for
consumer information services at Experian, said:
“Mounting regulatory obligations and the
requirement to ensure that capital is being put to best effect is
putting greater pressure on the ability of lenders to make more
precise calculations of affordability and the levels of associated
risk. Experian’s new range of affordability services will enable
lenders to even more accurately understand consumers’ abilities to
meet their credit commitments and how they might change in the
future.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
