Experian launches Fast Track feature

Experian added Fast Track to its Experian Marketplace, a consumer comparison platform for credit cards, personal loans and car insurance. The new tool uses open banking and affordability data to speed up underwriting.

How Fast Track works

Fast Track analyzes income, affordability and identity data earlier in the pre-approval process using open banking and advanced data insights. This wider range of information helps lenders make faster decisions.

Benefits for lenders

Fast Track reduces manual reviews, increases application completion rates and filters out unlikely approvals. Lenders can reach qualified customers more efficiently while cutting unnecessary work.

Benefits for borrowers

Borrowers get a clearer picture of their approval odds before applying. Fast Track also reduces additional checks and the risk of last-minute rejections or revised offers.

“It's an important step forward in creating a more efficient lending experience for everyone.”

Early results from Lendable

Lendable, an early adopter of Fast Track, found that customers told they were pre-approved were less likely to drop out during final checks. The feature removes last-minute rejections and uncertainty.

“[Fast Track] brings a new level of confidence for consumers, using the latest advancements in credit technology to remove last-minute rejections.”

Experian's broader AI push

Experian also launched Experian Activate, an AI-powered decisioning engine, and ChatGPT apps for comparing credit cards and loans. These tools help consumers find offers they qualify for and help lenders reach qualified customers.