Consumers can settle their existing credit commitments with Oakbrook through the Experian Marketplace using ReFi™ by Paylink
The partnership will help foster financial inclusion and deliver better outcomes for consumers
London, UK – October 7th , 2024 – Experian Consumer Services is excited to announce a partnership with Oakbrook, a leading non-bank consumer lender, to offer debt consolidation loans on the Experian Marketplace using Paylink’s innovative ReFi technology. This collaboration marks a significant milestone in improving financial inclusion and unlocking access to credit for more customers.
Debt consolidation remains the number one reason customers search for loans with Experian. However, many customers face challenges in securing a debt consolidation loan due to affordability restrictions. To address this, Experian Consumer Services (ECS) has partnered with Paylink to integrate their cutting-edge ReFi solution, designed to expand financial inclusion and provide more customers with the opportunity to consolidate their debts.
Oakbrook is the first lender to go live with ReFi-enabled loans on the Experian Marketplace. This partnership will enable customers to simplify their finances and save money by consolidating their existing credit commitments, including personal loans and credit cards, into a single, manageable debt consolidation loan.
Ewan Hamilton, Commercial Director at Experian Consumer Services, said: “We are thrilled to partner with Oakbrook on a shared ambition to improve financial inclusion and help households reduce their debt more effectively. The collaboration between Experian, Oakbrook, and Paylink will help us address the affordability challenges many customers face, making debt consolidation more accessible and improving financial wellbeing for many people across the UK.”
Claire Smith, Head of Marketing at Oakbrook said: “Oakbrook is committed to simplifying and personalising borrowing. This collaboration with Experian and Paylink enables us to bring this vision to life, providing innovative solutions that give customers better access to credit and help them simplify their financial commitments. As the first lender to offer ReFi-enabled loans, we’re excited to lead the way in delivering real, positive change for consumers, empowering them to manage their debts more effectively and meet their financial objectives.
ENDS
Media contact:
Eliza Odire-Boadi, Consumer PR Manager, Experian UK&I
Tel: 07816192572 / Email: eliza.odire-boadi@experian.com
Claire Smith, Head of Marketing, Oakbrook
Email: claire.smith@oakbrookfinance.com
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at www.experianplc.com.
About Oakbrook
Oakbrook Finance is a consumer lending business on a mission to change lending for the better. Based at Scale Space Nottingham, it is part of the portfolio of businesses supported by the UK’s leading venture builder, Blenheim Chalcot.
Oakbrook’s in-house technology and analytics consumer lending platform, supports a multi-product, multi-brand strategy and digitally enabled customer services.
Oakbrook brings together people with deep expertise in consumer lending, advanced analytics and forward-thinking technologists, with a shared belief that there's a better way to do consumer lending by being more personalised and customer focused.
About Paylink
Paylink is a leading provider of financial technology, dedicated to helping people understand their financial position and pursue their financial objectives. With a strong focus on innovation, Paylink has a proven track record of delivering customer affordability solutions to some of the biggest names in the banking, financial services and utilities sectors.