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Loans Advanced Eligibility

How does the advanced eligibility service work?

published: 16 January 2023

Experian provides Advanced Eligibility (Open Banking Data) services as part of price comparison’s Eligibility services.

“Affordability Passport”: the product that Experian use to retrieve the Open Banking (OB) data from a consumer’s bank

“Provider of the Service”: a price comparison website (MSM)

“Provider of the Product”: a lending organisation

“Financial Product”: a credit card or a loan

Why does the lender want my information?

When you search for a credit card or loan, Experian will share this information with the lender. They’ll then reassess your eligibility for that product and again before you apply. This is because lenders need a better understanding of your finances to help them decide whether your eligibility has changed and if the product is suitable for you. Information about your income and expenditure from your bank and/or building societies will help them see what you can afford to repay.

Who decides to approve my application?

It’s always the lender who decides if your eligibility has improved as part of sharing your data with them. Experian will help lenders collect information, but they don’t make or influence the eligibility and lending decision. If you have any questions about the outcome of your application, please speak to the lender.

Who are you going to share my data with?

Experian use an Affordability Passport tool to collect data from your personal and joint current accounts with your permission. They share this information with the lender as part of your eligibility journey and your future application for a credit product. They won’t share your data with anyone else without your consent.

What happens if I don’t agree to the terms and conditions?

If you’re not happy to agree to the terms and conditions, you won't be able to have a digital assessment of your income and expenditure to help the lender decide your eligibility for a credit card or loan. Lenders will use available information, at the time of comparing financial products, to help calculate your eligibility.

Which accounts should I add?

You should add all personal current accounts that you use, including joint accounts. This helps the lender to get a full understanding of your eligibility and your ability to afford the credit card or loan you’ll be applying for. You don’t need to add business or savings accounts.

Frequently asked questions

Why isn’t my bank or building society shown?

Experian can only use UK banks and building societies. Other options won’t appear but may be added in the future. If any of your personal or joint current accounts aren’t included, you won’t be able to participate in the advanced eligibility service at this time.

Why can’t I add my savings or business accounts?

Experian only need to access data from your personal or joint current accounts. They won't collect information from your savings or business accounts.

Should I include my joint accounts?

Yes - you should include your joint current accounts to make sure that the lender has a full view of your income and expenditure. You can highlight that an account is joint, and this will be shared with the lender.

How does the lender use joint accounts?

Each lender will have their own method of using the information from your joint accounts. Depending on what you’ll be eligible for and apply for, you can always ask the lender for further information about how they assess your accounts.

Can I return to my application at a later date to see my information?

No - Experian do not provide the ability to review your information, as this service is used to calculate your eligibility for a product at this time only.

What will Experian send to the lender to help them assess my eligibility?

Once Experian have collected data from your personal and joint current accounts, they’ll send this information to lenders to help them assess your eligibility. They won’t advise to increase your eligibility or accept your application, as this will only be decided by the lender.

What if I don’t declare all my accounts?

If you don’t add one or more of your personal or joint current accounts, a lender may not get an accurate summary of your income and expenditure.

What happens if I don’t share my data with Experian?

That’s fine, as the lenders will use information available at the time when you compare financial products to calculate your eligibility for a credit card or loan.

Is it safe to share my data with Experian?

Experian will ask for your permission to view your bank details, like your income and expenditure. After you log in to your bank account, you’ll be asked for permission to share information about your income and expenditure with lenders - giving you total control. Both Experian and MoneySuperMarket won’t see this data, only your updated eligibility.

Will doing this affect my credit score?

Experian make a soft search to collect information about your current account. This credit record check isn’t visible to lenders, which means that it won’t affect your credit score.

What if I don’t know the login details for my bank?

If you don’t know your personal or joint current account login details, please reset them before you continue with Experian. You can do this on your bank or building society’s website, or by contacting them directly.

Why do Experian need my name, date of birth and previous address information?

To prevent fraud and money laundering, Experian use this information to make an electronic check so they can verify your identity.