Experian has launched a new partnership with Fair4All Finance, backed by a £1m grant to expand access to Experian’s ReFi service.

Through the partnership, Experian and Fair4All Finance will aim to increase access to affordable credit to those often excluded by mainstream lenders.

Loans enabled by ReFi, a technology that tackles debt consolidation, can help people take control of their finances before debt becomes unmanageable by combining multiple debts, typically around £8,000, into a single, affordable loan.

This can reduce monthly repayments by approximately £139 and typically cut the overall amount someone would repay by more than £5,000, according to Experian estimates, helping to ease financial pressure and improving long-term stability.

The initiative with Fair4All Finance will scale by onboarding additional lenders to the Experian Consumer Services Marketplace, aiming to reach an initial 10,000 borrowers.

Managing director of Experian Consumer Services UK&I, Edu Castro, said: “This partnership with Fair4All Finance is an important step in helping people who are under financial strain. By making debt consolidation easier and lowering monthly payments, we’re sticking to our commitment of financial inclusion by helping people feel more in control of their finances.”

Fair4All Finance CEO, Kate Pender, added: “We’re delighted to be working with Experian on their ReFi technology and also with the lenders who use it to reach people in financially vulnerable circumstances. With millions of people financially excluded in the UK, fair and affordable credit is a vital safety net that many can’t access.

“Debt consolidation lending in particular is a great solution for the cost of living crisis. It can reduce people’s monthly outgoings and also cut the amount of interest they have to pay overall. This direct settlement technology will ensure more people are able to access a consolidation loan, improve their creditworthiness and steer clear of problem debt.”

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