Affordability Solutions


Assess your customers' income and affordability

Our data and insight can help you make confident decisions, so you can assess affordability quickly and easily.

Understanding an individual consumer’s creditworthiness and affordability is essential when it comes to finding the right product for the right person. Our data can help you to make confident decisions by allowing you to quickly and easily assess an individual’s ability to repay at the start of a loan and their ability to continually maintain payments.

Our approach to affordability

As an accredited FCA supplier of solutions and an Account Information Service Provider (AISP), we know that assessing someone’s ability to afford credit through verifying their income and how they use their money shouldn’t be a one size fits all process. Our affordability solutions offer the ability to use our bureau data and the account transactional data that Open Banking and the Payment Services Directive 2 (PSD2) has made available.

 

Traditional Experian Affordability

Affordability performs checks across the credit lifecycle and gives you the following indicators that you can use to understand what customers can and can't afford.

  • Income verification - using current account information to identify an individual income.
  • Income estimation - gives an understanding of customer's income and monitors and changes in financial circumstances on an on-going basis.
  • Debt to income ratios - understand a customer's outstanding debt profile in relation to their income.
  • Monthly disposable income - assess each customer's monthly affordability situation and ability to pay.

 

Personal Affordability powered by Open Banking

Our personal affordability solution uses the wealth of data that Open Banking has made available. Bringing together all the components required to make a streamlined efficient credit on boarding process.

  • Data access - delivering bureau data and account transactional data using secure API's, giving you a holistic view of a person's ability to afford credit.
  • Data aggregation - Verdus, our data aggregation platform, aggregates and manages the data exchange between lenders and banks. Removing the pain away from your business.
  • Data analysis - Trusso, our automated categorisation engine, takes raw data and in real time splits into income and expenditure categories. Making it easier for you to consume into your processes.
  • Data supply – Using secure API’s the data is supplied to the lender. Enabling you to offer a seamless personalised customer experience.

 

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Our categorisation engine, Trusso.

 

Case study: finding insight in financial behaviours.

How categorisation can underpin every KPI.

 

Infographic: using categorisation in a big data economy.

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Telephone: 0844 481 9914

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