Make affordability decisions based on real data, not estimates
Experian’s Affordability Passport enables consumers to consent and share their bank account information through a secure, easy to use customer journey with the organisations they choose.
Using consumer consented Open Banking data, Affordability Passport provides lenders with a range of insights including a consumers income, expenditure and disposable income for a view of their overall financial situation and affordability position.
The data is analysed and categorised for trends and insight within seconds and can be accessed using our Affordability Portal or integrated with your systems through API end-points, so you can assess the consumers affordability and make decisions, based on real data rather than estimates.
And by automating the capture, categorisation, and verification of bank transactions, you can save time, resource and increase efficiency while providing a quicker, better, tailored experience for the consumer.
Treat every consumer as an individual with a better understanding of their financial health at every stage of the lifecycle.
Make the right decisions at the right time with a better understanding of a consumer’s personal circumstances
A complete view of a consumer’s financial circumstances
As credit consumption is changing with new forms appearing such as BNPL and salary advance, without better, more personalised insight the wrong affordability decisions may be made, leading to consumer detriment and regulatory breaches.
Affordability passport gives you a single view of a consumer’s income, expenditure and affordability using consumer consented Open Banking data at every stage of your relationship with them:
- View all income streams, source of income, the amount and frequency from connected bank accounts
- View a consumer’s essential, committed, and discretionary expenditure
- Identify customer behavioural trends and spot signs of financial vulnerability when assessing income and expenditure across time periods
And you have the option to include extra insights: Identity verification, PEPS and Sanctions Screening and Work Report income and employment verification for a complete view of a consumer’s financial circumstances.
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How can I access Affordability Passport?
We will provide a solution that fits with your budget and requirements, but you can rest assured that our data is collected, compiled and delivered to the highest possible quality.
Request a consultationThe benefits at a glance
Personalised insights
A single view of a consumer’s income, expenditure and affordability using consumer consented Open Banking data
Save time and resource
Increase efficiency by automating the capture, categorisation, and verification of bank transactions
A seamless, digital journey
With no paper proofs to print or scan, reducing the time taken to confirm affordability from days to minutes, for quicker access to services or credit
Know your customer
Understand a customer’s financial health and credit risk with detailed transaction insights and behavioural trends based on 12-months of transactional data, for a view of where and how much money is being spent, with accuracy levels of 95%
Boost efficiency
Save time, resource and increase underwriting efficiency by up to 75%
Minimise fraud
Affordability Passport has automated identity verification, KYC and AML checks built in as standard and as data comes from source, this cuts the opportunity of fraud