Experian & Oakbrook team to offer competitive lending solutions

By Gloria Mathias

Experian has announced that Oakbrook, a non-bank provider of consumer lending solutions, will be using Experian Boost data in its decisioning process for personal loan applications.

This partnership will increase access to credit for customers who traditionally may not have been eligible, driving financial inclusion and offering more competitive loan options.

Experian Boost is the UK’s service to help consumers improve their Experian Credit Score using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts, and council tax. The partnership with Oakbrook further supports Experian’s mission to improve financial inclusion for consumers.

Customers can connect to Experian Boost via Open Banking1, voluntarily adding new, relevant, and real-time information to help improve their Experian Credit Score. Oakbrook connects with its customers through various comparison websites.

By incorporating Experian Boost data into Oakbrook’s eligibility and complete decisioning process, alternative data sources can be used to boost their Experian Credit Scores. This allows them to identify borrowers who traditionally may not have been eligible for a loan. Also, by incorporating Boost data, Oakbrook has a more complete picture of consumers’ financial health, which could potentially lead to more competitive loan offers.

Eduardo Castro, Managing Director of Experian Consumer Services, said, “This partnership demonstrates how alternative data can drive financial inclusion while supporting lenders in making informed credit decisions. By using Experian Boost in the decisioning process, lenders like Oakbrook can expand their reach and offer credit products to a wider pool of borrowers. Likewise, as the increased cost of living continues, it’s important for us to work with lenders to help consumers get access to credit options that they can manage. Experian Boost launched to help make affordable credit more inclusive, so we’re pleased that our partnership with Oakbrook is building on our commitment to providing that opportunity for consumers across the UK.”

James Blakey, Oakbrook’s Chief Analytics Officer, shared, “We’re delighted to partner with Experian to leverage alternative data like Experian Boost, enabling us to meet the diverse needs of our customers and making credit more inclusive and impactful.”