WageDayAdvance is the latest lender to join Equifax Real-time Exchange and contribute short-term loan performance information.
The consolidated data from Equifax Real-time Exchange is designed to support lenders in making responsible lending decisions throughout the application process, from pre-funding through to loan performance analysis.
It aims to deliver greater predictive capability by providing real-time insights, reporting and referencing short –term loan performance. Equifax Real-time Exchange encourages comprehensive data sharing within the alternative credit sector enabling lenders, large and small, to deliver better outcomes for consumers. The exchange of this information between lenders to better assess a customer’s financial situation, helps deliver robust affordability assessments and reduces the risk of fraud.
Since its launch as an online lender more than a decade ago, WageDayAdvance has been offering consumers unsecured loans of up to £1000 on a short-term basis.
Craig Tebbutt, Head of Alternative Lending, Equifax, says: “The regulatory environment for alternative lenders continues to evolve and we think it’s vital that lenders have access to real-time data to make better lending decisions. We have a strong presence in the sector and are helping lenders to share information that facilitates better business decisions.”
“We believe that online lenders need to have a live view of borrowers’ loan commitments. This can only be obtained by using genuine real-time data and Equifax considers this an integral part of responsible lending and affordability assessments.”
Tim Trailor, Chief Risk Officer, WageDayAdvance says: “Equifax has been making sizable efforts and developing innovative solutions to support the alternative lending space. It was important for us to find a credible partner that had the required market expertise and would provide the flexible reporting options that made data easy to share quickly and accurately. Having reviewed all of the options in the market Equifax Real-time Exchange stood out as the most appropriate solution to meet our requirements.”