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

The partnership aims to increase access to credit for customers who traditionally may not have been eligible.

Experian Boost helps consumers improve their Experian credit score by using transactional information such as total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts, and council tax.

By incorporating Experian Boost data into Oakbrook’s eligibility and full decisioning process, alternative data sources can be used to boost consumers’ credit scores. This allows them to identify borrowers who traditionally may not have been eligible for a loan, while Oakbrook also now has a more complete picture of consumers' financial health – which could potentially lead to more competitive loan offers.

“This partnership demonstrates how alternative data can drive financial inclusion while supporting lenders in making informed credit decisions,” said managing director of Experian Consumer Services, Eduardo Castro.

“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.”

Chief analytics officer at Oakbrook, James Blakey, said: “We understand the crucial role that access to credit plays in empowering individuals to achieve their financial goals. Our goal is to continuously innovate and offer tailored, affordable, and straightforward financial products.

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

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