Equifax, the consumer and business insights expert, has extended its reach into the alternative lending sector with two new client wins, Fast Loan UK and Response Funding.

With consumer-facing short and medium term lenders now required to meet FCA affordability criteria, Equifax will provide Fast Loan UK and Response Funding with solutions that help them to meet these regulatory requirements.

As part of their service, Fast Loan UK will utilise Equifax Identity Verification and Equifax Income Verification to support their focus on customer growth, controlling credit and fraud risk, understanding consumer affordability and responsible lending. Equifax Identity Verification provides them with reliable, robust and instant customer identity validation and authentication helping them to reduce fraud and deliver a superior customer service.

Equifax Identity Verification forms part of the Equifax Progressive Authentication suite, a new solution designed to provide layered identification validation and fraud protection to clients.

Response Funding as part of their service has taken credit reports to help assess affordability from other financial commitments and payment behaviour.

As the sole provider of credit checks for both Fast Loan UK and Response Funding Equifax helps support responsible short- and medium-term lending to consumers and businesses, allowing them to make well-informed lending decisions and reducing fraudulent applications.

The new contracts build on the existing presence Equifax has in the alternative lending space, providing solutions to Peer-2-Peer, short-term lenders and instant working capital providers.

Craig Tebbutt, Head of Alternative Lending, Equifax, says: “Equifax plays a key role in this sector by providing solutions that help lenders confirm that the applicant is who they say they are and can afford the loan that they have applied for. “As more alternative lending businesses enter the market, the sector will continue to develop an important role for consumers and businesses who demand more borrowing flexibility.

Equifax is at the heart of this, providing real-time information and solutions which enable lenders to assess credit worthiness, verify identity and income as part of their credit and affordability assessments. The new wins with Fast Loan UK and Response Funding are testament to our expertise in this sector”.

Joe Brunt, Managing Director, Fast Loan UK says: “New regulations around responsible lending mean it’s more important than ever for us to understand our customers. Equifax Income Verification helps us to assess the affordability of customers effectively. The ability to access real time data means we can make quick and well informed decisions about who we lend to while providing a fast and efficient customer experience.”

Gary Greenfield, Director, Response Funding says: “Credit checks are fundamental to our loan offerings and the insight that Equifax data provides, helps us understand our customers as individuals. Having insight into customers’ credit history helps us to see the full picture, providing the reassurance that we are making sound, sensible lending decisions.”