Experian® and Orchard Platform, the leading provider of data, technology and software to the online lending industry, have joined together to announce a strategic collaboration that will give institutional investors access to Experian’s depersonalized consumer credit data. Orchard’s institutional clients can use depersonalized credit data for ongoing monitoring of borrower creditworthiness for loans in existing portfolios. Experian also will provide access to anonymized historical data sets for enhanced credit modeling, analytics and reporting.
“Access to Experian’s depersonalized credit data adds immediate value to our clients, whether they are looking to buy, sell or hold loans,” said Orchard’s chief commercial officer Bill Ullman. “Typically, a borrower’s creditworthiness is captured for loans at a particular point in time — when the lender is making a decision. Experian makes it possible to monitor the anonymous credit data of borrowers, in an ongoing and privacy-friendly way. We are excited to work with Experian, the industry leader, to provide our clients with the data they need to make better-informed decisions when using Orchard’s analytics and transactional platform.”
Delivering greater transparency, high-quality data and analytical tools to the market is central to the mission of both companies. Orchard’s institutional clients should benefit from the use of Experian data to not only make more informed investment decisions through refined credit modeling but also through the ability to manage risks more effectively with more current loan data. Experian has been harnessing the power of data for many years to help consumers, financial institutions and governmental organizations make more informed and effective decisions. Raw data without the right level of interpretation is nothing more than untapped potential.
“We’re pleased to be working with Orchard Platform to provide a powerful stream of insight through Experian’s unique data,” said Alex Lintner, president of Experian’s Consumer Information Services. “We are confident that our expertise, combined with the technological strength that Orchard Platform provides, will give institutional investors and loan originators access to previously unavailable credit data and empower them to make better investment decisions.
Orchard is the leading provider of data, technology and software to the online lending industry. Founded in New York City in 2013, Orchard is building the infrastructure to power the many interactions between originators and institutional investors and help grow online lending into an efficient, transparent and global financial market. Orchard has been named to the Next Billion-Dollar Startupslist, produces the Orchard US Consumer Marketplace Lending Index — the only industry-wide benchmark distributed on the Bloomberg Professional Services — and is recognized for its technical and analytical thought leadership as explored on its blog.
Source: Experian Press Release