Awesome move. Instead of criticizing Equifax, Experian adds new consumer features in a UK market test.
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London Stock Exchange-listed global information provider Experian has begun piloting a software tool which pre-checks mortgage eligibility against six lender’s criteria alongside a free consumer credit check.
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The pilot includes six lenders: Barclays, Aldermore, Family BS, West Brom, Leeds BS and Platform.
It would be an easy shot for Equifax’ global competitor to talk about the flaws that caused the recent 145,000,000 record breach. Instead, Experian launches a nice product in the UK that enables consumers to prequalify for mortgages.
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“The pilot is part of the Financial Conduct Authority’s regulatory sandbox created by Innovate, which enables businesses to test innovative products, services, models and delivery mechanisms in a live environment.
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The sandbox provides innovators such as Experian with support to navigate the regulatory system and promote competition in the interests of consumers.
With social media, it is easy to get into the attack mode with “we’re better because…” message. It is refreshing to see Experian focus on innovation rather than criticizing their global competitor after one of the most significant breaches in history.
Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group
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