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Test Product OneFind out more Helping customers to reduce their debt
Overview: CreditFix
CreditFix use Open Banking to help consumers and businesses manage financial stress
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CreditFix - challenge overview
Manual processes for helping consumers resolve their debt problems were timing consuming and often resulted in an incomplete picture of a customer’s financial status.
4.1m people the UK are currently in persistent debt (source: Stepchange) and average household debt now stands at over £15,000 per household (source: TUC). With 15m living on the ‘breadline’, just getting by each day with their money the potential for consumers to fall into debt due to unemployment, redundancy, injury or illness remains high.
The current process for helping consumers resolve their debt is stressful and timing consuming. It often involves a customer volunteering their financial information to debt advisor or creditor through a telephone interview or by sharing paper copies of their bank and credit card statements.
The process is inefficient, insecure and laborious.
Challenges
- Processes are stressful and time consuming for consumers
- Processes are inefficient, insecure and laborious
- Processes would often result in an inaccurate picture of a customer's financial status
View CreditFix Profile
Company Bio:
CreditFix is the UK’s largest personal insolvency provider. Since 2007 it has helped over 141,000 UK consumers solve their debt problems, repair their finances and improve payments to creditors.
CreditFix prides itself on providing personalised debt advice that empathetically assess an individual’s financial circumstances and lifestyle to provide tailored advice on how to manage their money. This advice is used to resolve their debt problems quickly, enabling consumers to rebuild their lives and put them on a track to financial health.
| Industry: | Finance |
| Staff: | 400+ employees |
| Established: | 2007 |
| Sites: | 5 |
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CreditFix - solution overview
By using Experian Affordability Passport, CreditFix can now make more informed decisions on a customer’s capacity to resolve their debt quickly.
CreditFix chose to partner with Experian to deploy its Affordability Passport service. The service allows a customer to consent to share their credit information and bank transaction data with CreditFix automatically.
This information is used to help a CreditFix Debt Advisor accurately assess an individual’s financial circumstances, provide advice on how to modify their behaviour, and re-organise their finances to resolve their debt.
CreditFix use the customer’s credit profile and transactional behaviour to create personalised debt repayment plans, tailored to the individual needs of the customer.
The net result of deploying Experian's Affordability Passport is 60% improvement in the total amount of money collected on behalf of creditors.
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Results
- Automated and accurate data collection processes
- Customers can share their information safely and securely
- Speed and simplicity
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Case Study
testThe fintech Tymit started from the belief of two brothers, Martin and Nico, that there should be a better, more budget-friendly way of financing purchases over time than using credit cards or loans.
The fintech’s entrepreneurial founders are from Latin America, where instalment-only credit cards are the norm. After working in financial services in Europe and the US for many years, they felt there was an opportunity to launch a similar style card in the UK.
Around five years ago, the opportunity to shake up the UK credit market became clear, with innovation in card and payment technology and a new willingness of consumers to trust alternative fintech providers enabling the brothers to reunite and launch their plans for Tymit.
Tymit is the first instant-issue, instalment-only credit card in the UK. It gives consumers the option to pay for every purchase in instalments or pay off their balance at the end of the month in full. Using an in-app purchase simulator, customers can see exactly how much interest they’ll pay and can make a plan to pay off their balance, rather than relying on revolving credit.
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