Callcredit helps Think Finance UK continue to lead the way in responsible lending with extended contract
Callcredit Information Group, one of the leading UK credit reference agencies, has today announced that Think Finance UK a leading financial technology and analytics company, has renewed its existing contract for a further three years.
The extension will help Think Finance UK, which in the summer launched Sunny, a short term lending product that provides a more flexible and transparent alternative to payday loans, continue to make more accurate and responsible lending decisions.
Callcredit has been working with Think Finance UK to provide valuable insight from credit risk assessment to ID verification, in addition it has now taken the decision to access Callcredit's Affordability Report too. The combination will reinforce Think Finance UK's assessment of borrower's ability to repay using income as well as reference a range of unique indebtedness and affordability measures.
Earlier this year Callcredit announced its intention to enable real-time data sharing across its portfolio of lending clients. Think Finance UK has enrolled in this initiative which will encourage greater data sharing across lenders which in turn will lead to more accurate and responsible lending decisions.
James Blake, Head of Sales, Callcredit Information Group said: "We are pleased to continue to support and enhance Think Finance UK's rapid growth, helping them become one of the largest lenders in the UK through their new product Sunny.
"Our ground-breaking solutions help Think Finance UK to assess customers' risk profiles and help them to make more accurate decisions about the likelihood of an applicant fulfilling their credit commitments. With the contract extension Think Finance UK will have even greater insight into their applicants from our key income verification and affordability service, Affordability Report. This will provide an enhanced view of whether applicants can afford to repay any monies lent and help Think meet responsible lending guidelines."
John-Paul Savant, CEO, Think Finance UK, said: "We believe Callcredit offer a valuable service and look forward to working together for the next three years as we establish Sunny as a serious competitor to current market options.
"The comprehensive solution and market insight Callcredit provides, combined with the wide-ranging and predictive datasets, gave us increased confidence in our customer acceptance and credit risk assessments, ensuring our responsible lending practices are maintained."