The deal means that Virgin Money will now appear on Experian’s panel of lenders that are aggregated on lending websites and advisor platforms to help prospective borrowers check their eligibility and make informed decisions on their home purchase.
“Going through a lengthy mortgage application just to be turned down can be frustrating for everyone involved, not least the buyer who has found their dream home,” said Lisa Fretwell, Managing Director of Data Services, at Experian UK&I. “By checking eligibility at the beginning of the journey, potential customers can see which mortgages they are likely to be accepted for based on their financial circumstances, while at the same time avoiding damage to their credit score.”
Ultimately, Experian’s solution offers an automated decision based on credit history. If the system accepts the borrower, they will see details of the maximum amount they can borrow.
Borrowers can find Virgin Money’s mortgage products on pre-qualification platforms including Mortgage Gym, New Homes Group, Mojo Mortgages, Property Pal Mortgages and Iress Xplan Mortgage.
Experian offers a range of tools to help lenders make more informed decisions more efficiently in a way that safely leverages consumer data. Among these tools is Experian Lift, which the company launched last year. Experian Lift is a suite of credit score products that combines traditional credit, alternative credit, and trended data to provide a holistic picture of consumer creditworthiness.
Tools like these are especially useful in today’s economic environment, when uncertainty persists throughout many areas of consumers’ lives.