Digital lending platform Oakbrook has announced that it will soon be able to offer an additional service to enable more people access to fairer and affordable credit, as they pilot Experian’s Work Report tool, a feature of Experian’s Affordability Passport, to enhance their loan application process.
Using the Work Report feature, customers applying for a loan with Oakbrook will be able to give consent to share their employment information in a single digital exchange.
The verification service can be used throughout the credit application process to reduce credit risk and minimise fraud. It also adds to the tools Oakbrook already uses to meet affordability regulations and treat customers fairly.
Paul Speirs, Managing Director of Digital Consumer Information at Experian, said “This partnership comes at an incredibly important time, as many will be feeling the strain of fluidity in the UK employment market and pressure on household incomes from a rise in the cost of living. The ability to accurately verify a customer’s employment information provides a much better understanding of a customer’s affordability and provides them with affordable products that suit their financial circumstances.”
“This is good news for new customers, some who may have been previously declined, and existing customers including those who experienced a financial shock. We’re delighted to be working alongside Oakbrook on this exciting pilot.”
James Blakey, Chief Analytics Officer at Oakbrook said “We’re delighted to be working with Experian and Salary Finance on this pilot for Work Report, and to be the first UK lender to trial it. By using Work Report, we’re adding to our already extensive set of tools which help us assess the affordability of loans for our applicants. Our purpose is to simplify and personalise borrowing and we’re really looking forward to seeing the role that Work Report will play in helping us achieve this.