Australian consumer credit bureau Dun & Bradstreet and peer-to-peer lender RateSetter are pleased to announce that they have partnered together for the provision of comprehensive credit reporting data. This is an important industry milestone as RateSetter is the first peer-to-peer lender in the fast-emerging alternative lending & financial technology (“Fintech”) sector to load and consume Dun & Bradstreet’s comprehensive credit reporting data.
According to Steven Brown, Director of Consumer Risk Solutions at Dun & Bradstreet, the partnership reinforces the acceptance of the domestic comprehensive credit reporting system and the benefits to be derived by emerging credit providers.
“RateSetter has acknowledged the richer insight into consumer risk behaviour that our comprehensive credit reporting provides, and through this partnership it is optimising its credit offering in a quickly-emerging alternative lending market,” Brown commented. “Consumers will be rewarded for good credit behaviour through easier access to credit and better rates with RateSetter. This will apply pressure to other credit providers to innovate and to drive competition in the lending sector, which is great for consumers.”
RateSetter Australia CEO, Daniel Foggo, says that Australian consumers deserve better options than those provided by traditional lenders. “Through our international experience we see comprehensive credit reporting as a game-changer for Australian consumers, helping to boost competition between lenders and driving innovation to deliver a better deal”, said Foggo. “RateSetter is leading the way through this partnership with Dun & Bradstreet and Australian consumers are the big winners.”
RateSetter connects lenders with creditworthy borrowers who want a simple, competitive personal loan. We are excited to be the first and only company in Australia to provide peer-to-peer lending to retail savers and investors.
RateSetter is not a bank. RateSetter is part of a new generation of modern businesses, using technology to replace traditional middlemen and reduce the costs of providing financial services. We provide a transparent marketplace where lenders and borrowers, empowered by technology, can transact directly and share the benefits.
A peer-to-peer pioneer
The RateSetter group in the United Kingdom was the first peer-to-peer lender globally to introduce the concept of a provision fund to help protect lenders from late borrower payments or default. This innovation represents a significant evolution in peer-to-peer lending.
The money in the Provision Fund in Australia comes from borrowers, and is held on trust by an external trustee. Whilst the Provision Fund is not a guarantee or an insurance product, RateSetter Australia may make a claim on the Provision Fund on behalf of a lender in the event of a late borrower payment or default. Learn more about the Provision Fund
Regulated by ASIC
RateSetter holds an Australian financial service licence number 449176 and an Australian credit licence number 449176. Learn more about our compliance
Source: D&B Australia