AvantCredit, an online consumer lending platform active in the US and UK, has signed a long term deal with Equifax, the business insights expert. The contract appoints Equifax as a provider of credit and anti-money laundering checks for AvantCredit in the UK.
AvantCredit have over 180,000 customers on the its platform, and Equifax will provide the company with solutions to verify the identity of applicants, help assess loan applications, and assist in determining the affordability for consumers. AvantCredit will use the Insights provided by Equifax to improve its predictive modelling capability and subsequently offer customers what it considers to be the most appropriate loan rates. The deal supports AvantCredit’s strategy to grow its customer base, control credit and fraud risk, lend responsibly and manage risk.
Craig Tebbutt, Head of Alternative Lending, Equifax said: “We are seeing growth within the FinTech space as individuals seek alternatives to traditional high street lending. AvantCredit is an exciting, innovative new entrant in this sector and was seeking a partner that could turn breadth and depth of data into meaningful insights to improve lending decisions. Equifax insights have helped to increase the predictive ability of AvantCredit’s risk models, better enabling the company to positively identify more applicants.”
Russell Braden, AvantCredit’s Director of International Markets, said: “Since employing the Equifax solution we have increased our conversion rates, allowing customers to take advantage of cheaper loans and receive quicker approvals. Equifax has provided much deeper insights into the individuals that are applying for loans with us, significantly increasing our ability to make better lending decisions. We are excited to be working with a partner demonstrating real value and innovation in this space.”