Millions of people struggle with financial exclusion in the UK. As a result, many either can’t get the products they want or are offered ones with less-favourable, more expensive terms.
This doesn’t just impact those with a lack of credit history. The Financial Wellbeing Research 2024 report by REBA in partnership with Wealth At Work found that more than half of people with good incomes and stable employment who applied for credit in the last quarter were either rejected by lenders who believed they weren’t a good enough risk or rejected the offer themselves.
One of the big issues is income verification. Experian says: “During nearly every application when applying for credit, consumers are asked to verify their income. The reality is that due to how lending works, income often ends up being estimated, and therefore, it isn’t always a truly accurate picture. At Experian, we’re on a mission to change that.”
Better data, better access to finance
Due to investments in more in-depth and more accurate data, Experian has enabled more than two million people to boost their credit score and around four million people to gain better credit visibility. This means they have a better chance of being accepted, and with better terms or rates.
Now Experian is tackling employment and income verification through Work Report™. This service helps employers offer their employees a fast, convenient way to share accurate payroll information, speeding up the credit application process and painting a more accurate picture of an employee’s finances. Experian says: “Work Report™ has already shown that around a third of those recently applying for credit who weren’t offered a product had incomes 10 per cent higher than they reported. For some, that could have meant the difference between securing a mortgage or missing out.”
A free benefit that could make the world of difference
According to the Financial Wellbeing Research 2024, 62 per cent of HR leaders say their benefits don’t match employee needs, while 47 per cent of employees feel undervalued by current programmes. With the cost-of-living crisis still impacting performance, supporting employee financial wellbeing is crucial.
Work Report™ helps employers deliver stress-free onboarding and offers timely, secure access to key life services. Experian says: “It is free for all, and it helps employees feel more valued and supported by unlocking access to life’s important moments.”
As well as employees, Work Report™ also benefits HR teams. Experian says: “It significantly decreases the administrative burden of responding to income and employment verification requests, and helps you to onboard new hires over 80 per cent quicker.”
To find out how you can join over one million businesses already benefiting from consented, and convenient, income and employment data sharing, speak to the Experian team today.