Experian is to launch its consumer-consented data product Boost in the UK, Credit Strategy has learned.
Boost, which has been on the US market since the end of 2018, allows customers who either have a poor credit score or a thin credit file, to add their own data to their file and improve their score.
If consumers have been making utility and telecom bill payments on time, the product allows them to factor those payments into their credit files.
In the US, consumers can grant Experian permission to connect to their online bank accounts to identify utility and telecommunications payments. After a consumer verifies the data and confirms they want it added to their credit file, an updated score is delivered in real time.
Despite the confirmation that Boost will be launched in the UK, there is, as yet, no confirmed launch date.
Speaking to Credit Strategy, chief data officer Jonathan Westley, said: “Boost allows consumers to provide access to their data, which they supply into our data repository and that has the effect of improving their score.
“It’s something that’s done very well in the US and we see that being mirrored in the UK. Not only does it help individuals gain access to mainstream credit, but it also helps in identifying people once they become vulnerable.
“We are starting to see a sea change in consumers’ attitudes to sharing data. We are seeing a lot more individuals recognise that in order to get the best possible service, they understand lenders need to know more about them. If they understand that and want a given product, they are prepared to engage and share data, especially with recognised and trusted brands. It’s illustrating that value exchange.”
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