Experian Marketplace : giving financial power to consumers
Experian Marketplace is helping consumers to save money in tough times , thanks to its D2C business , its credit bureau and its partnership with LendingClub .
Within Experian ’ s direct-to-consumer ( D2C ) business , Experian Marketplace , it has assembled a network of lending partners who allow the company to serve offers to its broad consumer base . The core Marketplace mission centres around data , personalisation , and how they can be used to improve financial inclusion and restore financial power for consumers .
Marketplace uses its relationship with Experian ’ s credit bureau to prop up unparalleled advantages , including the ability to scale pre-approved programmes quickly . It also allows Experian to operate across multiple verticals including credit cards , personal loans and – since the acquisition of Gabi in November 2021 – digital insurance .
That variety ensures consumers receive the support they need to save money – something which is really important in light of current macroeconomic conditions .
“ Currently , 76 % of consumers will see a pre-approved offer ,” says Rakesh Patel , SVP – Marketplace for Experian . “ We want to take that to 100 % of all consumers .”
Forging a fruitful partnership with LendingClub
Patel , who started life at Experian 15 years ago , knows there are parts of the credit ecosystem that are broken : “ In the US , when you want to start a credit relationship , the easiest way is to apply and get declined . That ’ s not a consumer-friendly value proposition . Experian has tackled that by saying people no longer need to get declined for anything in order to start a credit relationship . They can come directly to Experian through Experian Go and start their credit relationship on a positive note .”
Experian has a longstanding relationship with LendingClub , which has allowed it to create unique experiences for consumers . Patel believes the partnership will transform how Experian engages with customers : “ LendingClub and Experian Marketplace have a vested interest in putting consumers at the heart of everything we do . With our vision of financial empowerment for all , LendingClub gives us that ability to provide proactive engagement with our consumers around offers they may be pre-approved for .”