Experian Enhances Credit Underwriting With Early Affordability Checks

Experian has introduced a new feature called Fast Track to its Experian Marketplace, aimed at improving the underwriting process for loans and credit cards. The feature utilizes open banking, advanced affordability data, and enhanced insights to conduct earlier verification and affordability checks, according to a press release from Sept.

16. Fast Track allows lenders to perform a broader analysis of income, affordability, and identity data in the pre-approval stage, thereby reducing unnecessary manual reviews, boosting application completion rates, and eliminating prospects with low approval chances. For consumers, Fast Track provides a clearer understanding of their approval likelihood before they apply and cuts down on extra checks and possible offers or declines.

Edu Castro, Experian's managing director for Consumer Services UK&I, stated that the new feature aids consumers in accessing more relevant offers with increased confidence. Early user Lendable reported that, based on their testing, consumers pre-approved by Fast Track were less likely to drop out during final checks. Experian Activate, an AI-driven decisioning engine, was added to the Marketplace on Sept.

10, helping consumers discover credit offers they are more likely to qualify for and enabling lenders to reach qualified customers more efficiently. Additionally, Experian launched ChatGPT apps that allow consumers to explore and compare credit cards, personal loans, and auto insurance policies.