Experian launches new lending tool
Credit checking firm Experian has launched a new service to help lenders provide faster, more accurate and bespoke lending decisions.
The service – called Work Report – is the first digital verification service to allow consumers to consent to digitally share payroll information with another organisation.
By sharing this payroll data, lenders can get direct confirmation of a consumer’s gross and net income, as well as their employment status and tenure, in a matter of seconds.
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Lenders can use Work Report as part of their affordability and credit checks for new borrower applications.
“There is an on-going requirement for people to share their personal financial information to access services – whether that’s applying for a mortgage, a new job or renting a new property,” said Paul Speirs, managing director of digital consumer information at Experian.
“Work Report enables people to share their payroll data quickly, conveniently, and securely with their consent. It helps them to get access to better value services and proactively manage their financial lives.
“We’re excited to be playing such a significant role in moving these processes into the digital age.”
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New Experian research found that 97 per cent of those people who were asked to share their payroll data in the last three years were happy to do so.
72 per cent were happy to share their data in a mortgage application and over 40 per cent chose to share their data in other types of loans.
Three out of four consumers told Experian that they would willingly share their data where the value exchange and incentive to share is clear.
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