Experian Consumer Services announcing a partnership with Oakbrook, a non-bank consumer lender, to offer debt consolidation loans on the Experian Marketplace by reportedly using Paylink’s ReFi tech.
This recently announced collaboration is said to mark a significant milestone in improving financial inclusion and unlocking access to credit for more customers.
Debt consolidation remains the “number one” reason customers search for loans with Experian.
But many customers face challenges in securing a debt consolidation loan because of affordability restrictions.
In order to address this, Experian Consumer Services (ECS) has teamed up with Paylink to integrate their ReFi solution, developed to enable financial inclusion as well as offer more customers with the chance to consolidate debts.
Oakbrook is reportedly among the first lenders to go live with ReFi-enabled loans on the Experian Marketplace.
This should enable customers to simplify their finances and save money by consolidating their credit commitments, such as personal loans and credit cards, into a much more manageable debt consolidation loan.
Ewan Hamilton, Commercial Director at Experian Consumer Services, said that the collaboration between Experian, Oakbrook, and Paylink will help address the “affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”
Claire Smith, Head of Marketing at Oakbrook said that as the “first” lender to offer ReFi-enabled loans, they aim to deliver real, positive change for consumers, enabling them to manage their debts “more effectively and meet their financial objectives.”
As covered, Experian is a global data and tech firm, enabling opportunities for people and businesses around the world.
They aim to help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market.
They claim to assist millions of people to achieve their financial goals and help them save time and money.
They operate across a range of markets, from financial services “to healthcare, automotive, agribusiness, insurance, and many more industry segments.”
As noted in the update, Oakbrook Finance is a consumer lending business on a mission to change lending “for the better.”
Oakbrook’s in-house technology and analytics consumer lending platform, “supports a multi-product, multi-brand strategy and digitally enabled customer services.”
As mentioned in a blog post, Paylink is a provider of financial technology, dedicated to helping people understand their financial position and “pursue their financial objectives.”