Consumer loans specialist, Advantage Finance, has cut its application processing time for loans by 95 per cent, using
Experian's web-based credit search facility. The installation has enabled the specialist car and van financier to double
the number of applications it handles each month, increasing its market share

Since signing up to receive Experian’s consumer credit data via the web, Advantage Finance has been able to automate large parts of its loan application procedures, cutting its typical customer processing time from 20 minutes to just 30 seconds. According to the company, this improvement in loan decision processing times has been achieved with no additional staff and is entirely due to the access it now has to Experian’s web-based credit reference data. Customer satisfaction has also improved, claim the company, because applicants are no longer kept waiting on the phone for inordinate amounts of time awaiting a loan decision.

Credit checking requests are now sent to the credit bureau automatically when the application data is saved onto the system, meaning time and resources are not invested in an application until the outcome of the initial credit check is known. Cutting the time it takes to review applicants has helped Advantage Finance to reach its long-term growth objectives and enhance its market share.

“By using Experian's data via the web as part of the qualification process we have greatly reduced the amount of work our underwriters spend on applications that are subsequently rejected,” explains Alan Tuplin, one of the project managers at Advantage Finance. “Not only has this significantly boosted team morale as employees are able to focus on pre-qualified applications but it has also seriously increased the number of applications we can handle. This solution ticks all of the boxes for us – staff satisfaction, customer service and improving our bottom line.”