Lending Works implements Equifax Income Verification to improve customer experience
Equifax, the consumer and business insight expert, continues to strengthen its position in the alternative lending market having been selected by Lending Works to help them verify income information provided by applicants on loan applications forming a key part of their affordability checks before making lending decisions.
Lending Works, an innovative peer-to-peer (P2P) lending platform, has adopted Equifax Income Verification to validate the income provided by prospective borrowers. This will allow Lending Works to assess the suitability of each applicant and make informed lending decisions, ensuring that the loan is appropriate and the consumer is not taking on debt they cannot afford.
Craig Tebbutt, Head of Alternative Lending, Equifax, says: “Lenders are trying to tackle the conundrum of how to implement robust affordability assessments into their processes without impacting the customer experience. Income verification is central to this. As an expert in providing data insights, we work closely with lenders to create solutions that allow them to make informed decisions on the financial stability of prospective customers in line with responsible lending rules and guidance.
“By implementing Equifax Income Verification, Lending Works now provides a straightforward application solution for their customers, based on automated checks on their income, which has contributed to better outcomes for consumers and a significant increase in Lending Works’ conversion rates.”
Equifax Income Verification will help Lending Works make more informed lending assessments which enables them to continue lending responsibly while increasing their processing efficiency. It anticipates a reduction in business costs, and delivering an enhanced customer experience by making decisions on loan applications quickly and without the requirement for applicants to submit paper documents for review.
Nick Harding, Founder and CEO, Lending Works, says: “We are committed to providing a fair and transparent solution for consumers looking at alternative ways to borrow money or generate returns on their savings. Improving our customers’ experience by using fast and reliable technology is a crucial part of our business. Using the Equifax automated system, compared to time-consuming manual checks, allows us to create a much faster service for our customers which is accurate, robust and importantly, safe for both our lenders and borrowers alike.
“Equifax has the expertise and in-depth knowledge of the alternative lending market to allow us to be more competitive while at the same time meeting the evolving regulatory requirements effectively. We look forward to working with them to deliver market-leading financial services options that are appropriate for our customers.”
Lending Works aims to provide fairer financial services to borrowers and lenders alike. It works by matching lenders with creditworthy borrowers looking for personal loans, cutting out the large financial institutions and banks in the middle. This means that borrowers receive low cost, flexible loans and lenders benefit from greater returns.