Lending Works adopts Equifax income verification tool

Lending Works, the peer-to-peer lending platform, has adopted Equifax Income Verification to validate the income provided by prospective borrowers, forming a key part of their affordability checks before making lending decisions.

Related topics:  Specialist Lending
Rozi Jones
3rd February 2015
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This will allow Lending Works to assess the suitability of each applicant and make informed lending decisions, ensuring that the loan is appropriate and the consumer is not taking on debt they cannot afford.

Craig Tebbutt, Head of Alternative Lending, Equifax, says:

“Lenders are trying to tackle the conundrum of how to implement robust affordability assessments into their processes without impacting the customer experience. Income verification is central to this. As an expert in providing data insights, we work closely with lenders to create solutions that allow them to make informed decisions on the financial stability of prospective customers in line with responsible lending rules and guidance.

“By implementing Equifax Income Verification, Lending Works now provides a straightforward application solution for their customers, based on automated checks on their income, which has contributed to better outcomes for consumers and a significant increase in Lending Works’ conversion rates.”

Nick Harding, Founder and CEO, Lending Works, says:

“We are committed to providing a fair and transparent solution for consumers looking at alternative ways to borrow money or generate returns on their savings. Improving our customers’ experience by using fast and reliable technology is a crucial part of our business. Using the Equifax automated system, compared to time-consuming manual checks, allows us to create a much faster service for our customers which is accurate, robust and importantly, safe for both our lenders and borrowers alike.

“Equifax has the expertise and in-depth knowledge of the alternative lending market to allow us to be more competitive while at the same time meeting the evolving regulatory requirements effectively. We look forward to working with them to deliver market-leading financial services options that are appropriate for our customers.”

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