News Article

Consumer Credit

LendingMetrics help Places For People to deliver comprehensive affordability checks

By CreditMan Tuesday, July 5, 2016

LendingMetrics, the real-time data expert, continues to strengthen its position in the alternative lending markets having been selected by Places for People Financial Services to provide its entire suite of credit referencing products for their lending division.

Part of the award-winning property and leisure management, development and regeneration company, Places for People Financial Services offers unsecured personal loans and certain types of secured lending. It also recently received authorisation from the Financial Conduct Authority for its consumer credit permissions.

Places for People Financial Services has chosen to use LendingMetrics’ product BankVision which enables consumers to share their financial information, such as income and expenditure in real-time via a bank level secure portal. BankVision removes resource intensive and costly processes from the lender’s operation, reduces delays in the application process and minimises the risk of fraud by removing the reliance on paper documentation.

Victoria Drummond the Operations Manager at Places for People Financial Services, commented: “Places for People aims to provide fairer financial services to borrowers, by providing flexible and affordable loans. It was important for us to find a credible partner and the LendingMetrics product suite and pricing model was the correct fit for our lending model, covering all aspects of credit risk. As a smaller company than traditional CRAs Lending Metrics’ adaptable approach, market expertise and quick integration times assisted with our new automated decisioning launch.”

LendingMetrics has also delivered to Places for People, Equifax's credit history, bank verification, affordability and anti-money laundering suite of products. These data services complement BankVision and TrueTime® by providing lenders with a complete solution for assessing the credit risk of an applicant.

The LendingMetrics TrueTime® database which also supplies the Equifax Real-Time Exchange directly addresses the FCA's position on real-time data sharing and affordability checks. A true real-time data sharing platform for credit providers to report Lead, Application and Loan information, making it a comprehensive solution for the online world.

David Wylie, Director of LendingMetrics, commented: “We aim to deliver a whole suite of products with greater predictive capability by providing real-time insights. The regulatory environment for alternative lending continues to evolve and we think it’s vital that lenders have access to real-time data to make better lending decisions, especially on affordability and expenditure.”