Experian Partners with Oakbrook to Launch Innovative Debt Consolidation Loans

• Consumers can settle their existing credit commitments with Oakbrook through the Experian Marketplace using ReFi™ by Paylink
• The partnership will help foster financial inclusion and deliver better outcomes for consumers

London, UK – 7th October, 2024 – Experian Consumer Services is excited to announce a partnership with Oakbrook, a leading non-bank consumer lender, to offer debt consolidation loans on the Experian Marketplace using Paylink’s innovative ReFi technology. This collaboration marks a significant milestone in improving financial inclusion and unlocking access to credit for more customers.

Debt consolidation remains the number one reason customers search for loans with Experian. However, many customers face challenges in securing a debt consolidation loan due to affordability restrictions. To address this, Experian Consumer Services (ECS) has partnered with Paylink to integrate their cutting-edge ReFi solution, designed to expand financial inclusion and provide more customers with the opportunity to consolidate their debts.

Oakbrook is the first lender to go live with ReFi-enabled loans on the Experian Marketplace. This partnership will enable customers to simplify their finances and save money by consolidating their existing credit commitments, including personal loans and credit cards, into a single, manageable debt consolidation loan.

Ewan Hamilton, Commercial Director at Experian Consumer Services, said: “We are thrilled to partner with Oakbrook on a shared ambition to improve financial inclusion and help households reduce their debt more effectively. The collaboration between Experian, Oakbrook, and Paylink will help us address the affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”

Claire Smith, Head of Marketing at Oakbrook said: “Oakbrook is committed to simplifying and personalising borrowing. This collaboration with Experian and Paylink enables us to bring this vision to life, providing innovative solutions that give customers better access to credit and help them simplify their financial commitments. As the first lender to offer ReFi-enabled loans, we’re excited to lead the way in delivering real, positive change for consumers, empowering them to manage their debts more effectively and meet their financial objectives.