Equifax UK has partnered with free-to-use platform Homely to provide Open Banking and credit insights to help support first-time buyers and those moving up the property ladder with getting mortgage-ready.

Homely is working to advance and digitalise the home-buying process for UK consumers, making it simpler and more rewarding by combining data, rewards, education and recommendations to prepare people for homeownership. Through the partnership, Equifax will be supplying Homely with both Open Banking data and credit insights, including a consumer-facing score, affordability characteristics, and credit report data.

In particular, Equifax data will support aspiring buyers by helping to ensure rental payments are fully recognised and rewarded as part of customers’ credit and affordability scores. Equifax will also be powering the platform’s user registration journey with its Open Banking ID solution, to accurately verify customer identity. 

Homely is expecting to launch its direct-to-consumer platform later this year, with connectivity to multiple lenders and home-buying schemes. The platform will also be available through white labelling for lenders and mortgage brokers. 

Paul Birkin, Chief Technology Officer at Homely, said: “Supporting prospective homebuyers on their journey up the property ladder is more important than ever. The power of Equifax’s Open Banking technology and credit insights helps us to provide people with easy-to-understand actions to become home-ready, whether for their first mortgage or next property.”

Craig Tebbutt, Chief Strategy and Innovation Officer at Equifax UK, said: “Homely is helping to advance the homebuying experience for people across the UK and we’re excited to help power their new platform with our credit score data and Open Banking solution. Building a transparent picture of customer affordability in the home-buying journey is vital, and solutions that recognise customer creditworthiness through rental payments history will help boost financial inclusion and unlock new markets for lenders along the way.”

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About Equifax 

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. 

Equifax Ltd is one of the Equifax group companies based in the UK. Equifax Ltd is authorised and regulated by the Financial Conduct Authority. For more information, visit equifax.co.uk and follow the company’s news on LinkedIn. 

About Homely

Founded in 2021, Homely is a free-to-access digital platform which leverages technology and partnerships to help homebuyers and renters to find a home. Whether you are searching for a rental property or setting out to buy your first home, Homely enhances opportunities and empowers each individual to embark on their journey to home ownership. Homely believes in making the path to homeownership more accessible and is working with individuals to make this a reality. Homely partners with landlords, renters, and financial institutions to increase transparency and accountability during the rental and buying process as well as provide rewards and incentives through its brand partners. Bold change requires bold action, enter: Homely.

For more information visit: Homely.co.uk and https://www.linkedin.com/company/homely-global-ltd/