Affordability Check


Better insights for more informed affordability decisions

Our data and insight can help you make confident decisions, so you can assess affordability quickly and easily.

Understanding an individual consumer’s ability to afford your products or services is essential when it comes to finding the right product for the right person. Our data and services can help you to make confident decisions by allowing you to quickly and easily assess an individual’s affordability throughout your relationship with them.

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Our approach to affordability

As an accredited FCA supplier of solutions and an Account Information Service Provider (AISP), we know that assessing someone’s ability to afford credit through verifying their income and how they use their money shouldn’t be a one size fits all process. Our Affordability Check solution offers the ability to use both our bureau data and the statement data that Open Banking and the Payment Services Directive 2 (PSD2) has made available.  Enabling you to offer relevant, fair and flexible processes that are personalised to an individual.

Experian’s Affordability Check powered by Open Banking

Experian’s Affordability Check solution uses the wealth of data that Open Banking has made available. Bringing together all the components required to make a streamlined efficient credit on boarding process.

  • Data access - delivering bureau data and account transactional data using secure API's, giving you a holistic view of a person's ability to afford credit.
  • Data aggregation - Verdus, our data aggregation platform, brings together and manages the data exchange between lenders and banks. Removing the pain away from your business.
  • Data analysis - Trusso, our automated categorisation engine, takes raw data and in real time splits into income and expenditure categories. Making it easier for you to consume into your processes.
  • Data supply – Using secure API’s the data is supplied to the lender. Enabling you to offer a seamless personalised customer experience.

Affordability Check - Bureau

Affordability Check uses our extensive CATO data to perform checks across the credit lifecycle and gives you the following indicators that you can use to understand what customers can and can't afford.

  • Income verification - using current account information to identify an individual income.
  • Income estimation - gives an understanding of customer's income and monitors and changes in financial circumstances on an on-going basis.#Debt to income ratios - understand a customer's outstanding debt profile in relation to their income.
  • Monthly disposable income - assess each customer's monthly affordability situation and ability to pay.

 

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What is Open Banking?

 

Case study: find insight in financial behaviours.


 

Brochure: Turning data into insight. How will your company utilise the transactional account data that the Open Banking will make available?

 

How categorisation can underpin every KPI.

 

Infographic: using categorisation in a big data economy.

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