UK, March 9, 2022: Digital lending platform Oakbrook will soon be able to offer an additional service to enable more people access to fairer and affordable credit, as they pilot Experian’s Work Report™ tool, a feature of Experian’s Affordability Passport, to enhance their loan application process.
Using the Work Report feature, customer’s applying for a loan with Oakbrook will be able to give consent to share their employment information in a single digital exchange.
Experian’s Work Report™, provides direct confirmation of a customer’s gross and net income, as well as employment status and tenure, in a matter of seconds. The service is the first digital verification service that allows a customer to consent to digitally share their payroll information.
Work Report™ is produced in partnership with global Fintech platform Salary Finance and recently onboarded payroll software providers, Sage and Zellis. It will give the opportunity for 1 in 3 (over 10 million) employees to share their employment details.
Combining real time access to granular transaction and employment information provides a more rounded picture of credit and affordability risk. Adding Work Report, to their already existing set of tools, further enables Oakbrook to accurately confirm a customer’s affordability, helping make a faster and simplified lending decision based on their financial position.
Testing of the service by Oakbrook Finance prior to launch has shown a potential 10% increase in acceptance rates, on some consumer segments applying for credit, without any compromise to affordability assessments or credit performance.
The verification service can be used throughout the credit application process to reduce credit risk and minimise fraud. It also adds to the tools Oakbrook already uses to meet affordability regulations and treat customers fairly.
Paul Speirs, Managing Director of Digital Consumer Information at Experian, said: “This partnership comes at an incredibly important time, as many will be feeling the strain of fluidity in the UK employment market and pressure on household incomes from a rise in the cost of living. The ability to accurately verify a customer’s employment information provides a much better understanding of a customer’s affordability and provides them with affordable products that suit their financial circumstances.
“This is good news for new customers, some who may have been previously declined, and existing customers including those who experienced a financial shock. We’re delighted to be working alongside Oakbrook on this exciting pilot.”
James Blakey, Chief Analytics Officer at Oakbrook said: “We’re delighted to be working with Experian and Salary Finance on this pilot for Work Report, and to be the first UK lender to trial it. By using Work Report, we’re adding to our already extensive set of tools which help us assess the affordability of loans for our applicants. Our purpose is to simplify and personalise borrowing and we’re really looking forward to seeing the role that Work Report will play in helping us achieve this.”
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Media contact:
Joe Green, Senior PR Manager, Corporate & Business, UK&I, Experian
Tel: 07812 737 768 / Email: joseph.green@experian.com
About Experian
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
About Oakbrook
Oakbrook is a digitally enabled consumer finance and technology business, removing the barriers between consumers that want to borrow and investors that want to lend.
Formed in 2011, Oakbrook has brought together people with deep expertise in consumer lending, advanced analytics, and forward-thinking technologists, with a shared belief that there is a better way to do consumer lending – by being more personalised and customer focused. Oakbrook comprises of 2 FCA regulated consumer lending businesses and O6K, a business-to-business technology and analytics company.
The shared purpose across all 3 companies is solving the challenge of simplifying and personalising borrowing. Providing customers with fairer access to credit based on their individual circumstances leveraging cutting edge technology.
Learn more at www.oakbrook.com