Equifax and Click2Check launch Open Banking tool for mortgage advisers

Equifax and Accountscore have announced a new partnership with financial software, Click2Check, to launch Credit Assess, an online tool for mortgage advisers that uses Open Banking to deliver faster and more accurate credit and financial assessments of applicants.


Credit Assess significantly reduces the time involved in assessing an applicant. It provides pre-qualifying information and delivers a fuller picture of their credit score, bank statements and lending risk to the mortgage adviser within minutes. 


The online solution means the adviser has everything to hand before the advice process begins, and expectations about the success of applications can be managed from the outset.


Mark Bratley, Global Consumer Solutions UK Sales Director at Equifax, commented: “Open Banking has already delivered many positives to streamline the mortgage application process. From the fight against rising identity fraud, income verification and analysis of salary and spending trends, to cutting the time and resource required to process and complete an application, Open Banking has been an incredibly important tool for the development of the mortgage industry.


“Our new partnership with Click2Check takes Open Banking to another level. For advisers, assessing an applicant thoroughly and accurately is the most time-consuming part of the process – and one that is so vital in identifying the options available. For the largest purchase in a person’s life, the accuracy of this information can make a huge difference to what is affordable, and pinpoint any changes they may need to make before they can take a step on the property ladder.”


The partnership sees Equifax providing applicants’ credit scores and reporting into the software, developed by Click2Check, that can feed into third-party programmes such as point-of-sale and CRM systems. Advisory firms, distributors, CRM providers and networks can access and white-label the Credit Assess product, and a full training package is provided to ensure effective use of the tools.


This crucial time and admin saving tool also means that advisers can take on more work without needing additional resources.


David Jones, Director of Click2Check, said: “After a number of months of development and a trial period, the launch of Credit Assess gives firms their own branded credit and Open Banking solution without having to go through the red tape, time or money of developing it themselves.


“With Equifax data feeding into Credit Assess, advisers can secure, with consent, previously restricted access to all the credit and banking information of the applicant, which will allow them to start the client journey with a full picture of their finances.”


The software provides valuable efficiencies and total transparency, allowing the adviser to provide their advice and recommendations on the actual situation and will ensure the best chance of completing the mortgage within the necessary timescale.


Mark Bratley added: “In the current economic landscape an applicant’s financial situation can change dramatically and at speed. It’s never been more crucial for mortgage advisers to maximise Open Banking to secure relevant and up-to-date financial information to shape their advice. In such challenging circumstances, this should help speed up and enhance their work.”


For more details on how we help you transform your customer onboarding process, visit the Open Banking page on our website


Contact us