Equifax and credit provider Spear Technologies agree partnership

Equifax UK has announced a partnership with short-term credit facilities & Buy Now Pay Later (BNPL) specialist, Spear Technology, (parent company to The Yes Catalogue, New Is Nice & Flava). The collaboration will see both companies operating together to identify and help customers at financial risk.

With increased financial pressure being placed on consumers, lenders such as Spear Technologies help to alleviate some of the financial burden through their product offerings. Using Equifax’s solutions, Spear Technologies will provide traditional credit and BNPL products to the market.

Richard Seal, BNPL Lead at Equifax UK, said“With the cost-of-living crisis putting UK households under financial pressure, the importance of lenders using data to build knowledge on their customers cannot be overstated, which is why we’re excited to be working with Spear Technologies, a market leader in short term credit products & BNPL”

“Collaborations like this are critical for both the lender and the consumer. Our own research has revealed that there is a clear need for greater transparency regarding consumers’ credit and affordability risks within the industry, especially as people seek short-term loans or alternative credit facilities to ease financial stress. As a result of this collaboration, we will have more consumer information including for customers who are thin file or from underserved segments, using which we will be able to drive better consumer outcomes.”

Andrew Perry, Director at Spear Technologies said “This collaboration with Equifax could not come at a better time for us as we consider future opportunities in the near prime market. As we look ahead to our own expansion, data will play a critical role in funding this key audience. Our customers remain our top priority and preventing them from becoming indebted is critical. Through this partnership, we can continue to provide finance to those who would not otherwise have access to this type of lending whilst also ensuring that we are keeping their best interest at the forefront.”