NAVA FINANCE LIMITED APPOINTS EQUIFAX TO SUPPORT CREDIT UNDERWRITING
Nava Finance Limited has announced its appointment of Equifax Limited, the consumer and business insight expert, to support the underwriting of unsecured personal loans for its UK borrowers.
Nava Finance Limited has integrated Equifax solutions with its existing underwriting and risk management software, to support its credit analytics, credit scoring and applicant ratings. The real-time data which Equifax provides supports Nava in making specific lending decisions, while managing risk.
Nava Finance Limited is a next generation consumer lending platform due to launch later this quarter after two years in development and testing. Nava Finance Limited takes a sophisticated approach to credit and will apply deep-dive analytics to offer more attractively priced loans to an underserved mainstream consumer market. Nava Finance Limited found this group to be largely misled in a new report, The Perfect Borrower? It shows that around 14 million people in the underserved market are deemed ‘imperfect’ by big name banks and lenders.
Joseph Dlutowski, co-founder and CEO of Nava Finance Limited, said: “The data and customer insight which Equifax provides will strengthen our commitment to lending responsibly to a broad range of UK borrowers. Nava Finance Limited has been built on deep customer analytics and a desire to lend in a fair and flexible manner, a stark contrast to some banks. Equifax will support this capability, improve the customer experience and minimise risk.”
Karl-Magnus Wadsack, Principal Consultant – Alternative Lending at Equifax, said: “This appointment by Nava Finance Limited demonstrates that Equifax is well positioned to provide solutions to a wide range of lenders, including new, innovative and forward-thinking organisations. Nava Finance Limited is taking a unique approach to credit analytics and we welcome that new entrants are focused on improving the underwriting process to benefit the consumer.”
ENDS
All media enquiries should be directed to Nava Finance Limited’s Press Office:
nava@mrm-london.com
Chris Tuite
Associate Director
MRM
0203 326 9925
07471 350 810
Tom Briffitt
Consultant
MRM
0203 326 9902
07417 351 576
About Nava Finance Limited
Nava Finance Limited is a next generation consumer lending platform built on deep analytics which is used for credit and other underwriting processes. Nava Finance Limited sources loan funding from institutional investors and manages the process of sourcing and underwriting borrowers.
Nava Finance Limited’s credit expertise means that it’s able to offer responsible lending to a broad range of borrowers, including those that may score well on affordability but have less than perfect credit histories. With Nava Finance Limited’s single product focus, its customers are not cross-sold, up-sold or mis-sold any additional financial products or services. Nava Finance Limited is authorised and regulated by the Financial Conduct Authority under firm reference number 734925.
About Equifax
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,500 employees worldwide.
Equifax Limited is one of the Equifax group companies based in the UK. Equifax Limited is authorised and regulated by the Financial Conduct Authority.