Experian and Oakbrook partner to give consumers more competitive loans
8th October 2024
Experian Boost data will now be included in Oakbrook’s decisioning process giving Boost users more loan options
UK, 9th September 2024 – Experian has today announced that Oakbrook, a leading non-bank provider of consumer lending solutions, will now be using Experian Boost data in its decisioning process for personal loan applications. This partnership will increase access to credit for customers who traditionally would not have been eligible - driving financial inclusion and offering more competitive loan options.
Experian Boost is the UK’s first service to help consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts, and council tax. The partnership with Oakbrook further supports Experian’s mission to improve financial inclusion for consumers, as Boost users will now have access to even better credit options than they would have otherwise.
Customers can connect to Experian Boost via Open Banking1, voluntarily adding new, relevant, and real-time information to take control of their credit score. Oakbrook connects with their customers through various affiliate channels. Within these channels, consumers see a panel of potential loan options, including pre-approved loans from Oakbrook. Experian Boost helps power these eligibility results on affiliate sites, giving a clearer picture of a borrower's creditworthiness in the UK. Boost scores are again factored into the final loan application decision on the Oakbrook site.
By incorporating Experian Boost data into Oakbrook’s eligibility and full decisioning process, alternative data sources can be used to boost credit scores. This allows them to identify borrowers who traditionally may not have been eligible for a loan. Also, by incorporating boost data Oakbrook now has a more complete picture of consumers financial health, which could potentially lead to more competitive loan offers.
This partnership follows an update to how the size of the score boost is determined, with new calculations suggesting that Experian Boost is an even better predictor of creditworthiness than initially estimated. As a result, Experian Boost users can now increase their credit scores by up to 101 points, which could mean a customer moves up two score bands. Previously, the maximum increase was 66 points.
Eduardo Castro, Managing Director of Experian Consumer Services said: "This partnership demonstrates how alternative data can drive financial inclusion while supporting lenders in making informed credit decisions. By using Experian Boost in the decisioning process, lenders like Oakbrook can expand their reach and offer credit products to a wider pool of borrowers. Likewise, as the increased cost of living continues it’s important for us to work with lenders to help consumers get access to credit options that they can manage.
Experian Boost launched to help make affordable credit more inclusive, so we’re pleased that our partnership with Oakbrook is building on our commitment to providing that opportunity for consumers across the UK."
James Blakey, Chief Analytics Officer, at Oakbrook said: “At Oakbrook Finance, we understand the crucial role that access to credit plays in empowering individuals to achieve their financial goals. Our goal is to continuously innovate and offer tailored, affordable, and straightforward financial products. We are committed to providing solutions that are not only accessible but also easy to manage and understand, ensuring our customers have the confidence and support they need in their financial journey.
We’re delighted to partner with Experian to leverage alternative data like Experian Boost, enabling us to meet the diverse needs of our customers, making credit more inclusive and impactful.”