SYS-CON MEDIA Authors: Pat Romanski, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Affordability Benefits from True Real-Time Reporting, Available Through LendProtect

Moving forward, the High Cost, Short Term Credit (HCSTC) industry must enable processes that increase transparency of a borrower’s behaviours to better assess affordability. LendProtect UK Ltd. (LendProtect), the leading provider of underbanked consumer data, affordability and risk scoring solutions on those underserved by traditional banking channels, is the foremost company that offers the up-to-the-minute real-time reporting that is needed for improved affordability assessment.

“In this on-demand age of instant information, decisions and delivery has challenged the entire financial services industry, but short-term lenders are leading the way through companies like LendProtect,” says Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association. “We support that the industry needs to quickly adopt real-time reporting, which provides lenders access to more information on a borrower’s financial situation and enables them to identify consumers’ current commitments and their ability to repay, protecting the lender from risk of default and the consumer from associated high interest rates.”

Along with real-time reporting, LendProtect also offers lenders access to BankLogic, a platform that allows lenders to have seamless access to potential customers’ income and expenditure through a secure process that is granted by consumers. The bank statement includes account ownership, deposits, transaction details and balances. This service provides lenders even greater visibility to a borrowers’ credit risk. Using BankLogic, Lenders can see 90 days of their prospective customers’ banking activities, including all deposits and individual transactions to payees.

“We’ve offered true real-time reporting to lenders in the UK for the past five years. We know the impact it can have on lenders and their daily decision making process. Real-time consumer credit data, accompanied with the assistance of BankLogic, offers a holistic, long-term view of an applicant’s ability to pay that isn’t available through the mainstream bureaus,” explains Greg Rable, CEO of LendProtect’s parent FactorTrust. “Our services empower lenders to more accurately assess affordability, helping them engage borrowers with the appropriate product suited specifically to their needs. We give them the tools to make the best and most accurate decisions for themselves as well as the customer.”

Additional benefits of using LendProtect for short-term, real-time reporting, offered exclusively from LendProtect include:

  • No set-up fees
  • No monthly minimums
  • No long-term contracts
  • Value-based pricing

For more information about LendProtect’s offerings, visit www.lendprotect.co.uk.

About LendProtect UK Ltd.

LendProtect UK Ltd. has compiled the most comprehensive data on the underbanked market in the industry on portfolios that report data daily, in real time. This daily loan performance data on millions of underbanked consumers is analysed in order to provide instant lending decisions using the company’s comprehensive scoring platform. Lenders are continually faced with the challenge of how to effectively and intelligently manage risk and assess affordability on this segment. This analysis uses data not typically reported to the credit bureaus, and is invaluable in helping consumers have access to better borrowing options, while also providing a more accurate assessment of the consumer for lenders. For more information please contact LendProtect UK at +44 (0) 114 221 2003 or [email protected].

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