New Debt Consolidation Solution from Experian and Paylink Aims to Expand Financial Access

New Debt Consolidation Solution from Experian and Paylink Aims to Expand Financial Access

(IN BRIEF) Experian has partnered with Paylink Solutions to launch a new debt consolidation tool, ReFi™, on the Experian Marketplace. This solution aims to make debt consolidation loans more accessible by directly paying off existing debts, which helps overcome affordability barriers that many consumers face. The partnership seeks to expand access to credit, promote financial inclusion, and ensure responsible lending by reducing the risk of consumers accumulating additional debt.

(PRESS RELEASE) LONDON, 3-Sep-2024 — /EuropaWire/ — A new partnership between Experian and Paylink Solutions promises to make debt consolidation more accessible for UK consumers, addressing significant barriers in the current lending market. The collaboration introduces Paylink’s ReFi™ product to the Experian Marketplace, offering a streamlined way for consumers to consolidate existing debts into a single, more manageable loan.

Debt consolidation is a primary reason consumers seek loans, yet many struggle to qualify due to stringent affordability criteria. Currently, only 37% of debt consolidation loan applications on Experian’s platform are pre-approved, compared to 59% for credit cards. This gap often forces consumers to turn to unlicensed lenders or borrow from friends and family.

The new ReFi™ solution simplifies the process by directly paying off customers’ existing debts, reducing the risk of accumulating further debt and improving loan affordability. This approach benefits both consumers, by lowering monthly payments and speeding up debt repayment, and lenders, by providing greater assurance that the new loans will be used appropriately.

Experian and Paylink’s partnership is seen as a crucial step in promoting financial inclusion, helping more people access the credit they need while ensuring responsible lending practices.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at www.experianplc.com.

About Paylink

Paylink is a leading provider of financial technology, dedicated to helping people understand their financial position and pursue their financial objectives. With a strong focus on innovation, Paylink has a proven track record of delivering customer affordability solutions to some of the biggest names in the banking, financial services and utilities sectors.

https://www.paylinksolutions.co.uk/refi/

References:

1 Source: Experian UK marketplace data, 6th August 2024

2 Source: Fair4All Finance & IPSOS, https://fair4allfinance.org.uk/as-one-door-closes-illegal-money-lending/

Media Contact:

Eliza Odire-Boadi
Consumer PR Manager, Experian UK&I
Tel: 07816192572
Email: eliza.odire-boadi@experian.com

Emma Critchley-Lloyd
PR Consultant for Paylink
Tel: 07917695475
Email: emma@biglittlelondon.com

SOURCE: Experian