Experian’s Affordability Passport enables consumers to consent and share their bank account information through a secure, easy to use customer journey to show their income, expenditure, and affordability position.
The data is analysed and categorised for trends and insight within seconds and can be accessed using our Affordability Portal or integrated with your systems through API end-points, so you can assess the consumers affordability and make decisions, based on real data rather than estimates.
And by automating the capture, categorisation, and verification of bank transactions, you can save time, resource and increase efficiency while providing a quicker, better, tailored experience for the consumer.
With Affordability Passport you can treat every consumer as an individual by better understanding their financial health at every stage of the lifecycle.
As Credit consumption is changing with new forms appearing such as BNPL and salary advance, without better, more personalised insight the wrong affordability decisions may be made, leading to consumer detriment and regulatory breaches.
Affordability passport gives you the tools to get a better understanding of a consumer’s individual financial circumstances at every stage of your relationship with them:
And we give you the option to include extra insights: Identity Verification, PEPS & Sanctions Screening and Work Report Employment verification for a complete view of a consumer’s financial circumstances.
Download the Affordability Passport product sheet
A single solution to understand a consumer’s financial circumstances with a personalised view of their income, expenditure and affordability
75% reduction in costs to source data with access to validated data, direct from source and reduce fraud risk from the supply of false documents
A seamless, digital customer journey, with no paper proofs to print or scan for quicker access to services or credit
Quickly categorise 12-months of card transactions and get a granular picture of where and how much money is being spent, with 95% accuracy levels
Save time, resource and increase underwriting efficiency by up to 75%
Understand a consumer’s financial health and credit risk with detailed transaction insights and behavioural trends
Minimise fraud using automated identity verification, KYC and AML checks built in as standard
Reduce the time taken to confirm affordability from days to minutes
In our latest research, directly with UK consumers, small businesses and lenders, we explore how the past few challenging years have impacted perceptions of financial stability and affordability, how consumers are changing spending patterns to accommodate increasing costs, how small businesses are looking to return to profit, and how lenders are adapting to Consumer Duty requirements.