Following this announcement, the partnership is expected to allow expats and foreigners moving between countries in the European Union to receive optimised credit assessments, as well as benefit from both the individual borrower and the lender.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries as well.
As credit assessments are a crucial but complex process in a lender’s decision when evaluating potential customers for a loan, the process becomes even more challenging for individuals relocating between countries and foreign lenders since there is generally no financial credit history or data on the individual at the moment. Mifundo’s data technology was developed in order to transcend national boundaries, aiming to enable banks in other EU countries to access credit information on foreign customers.
Through this initiative, Mifundo's seamless API integration will enable rapid deployment and deliver faster time-to-revenue than traditional in-house solutions, lowering operational costs and eliminating several inefficiencies, such as manual document collection and translation. At the same time, as banks and financial institutions in the EU use Experian as a source of credit information, the partnership will allow EU citizens and expats in the region to access the freedom to move to another country without losing their credit history. Lenders will also gain higher accuracy and security in their loan portfolios.
According to the official press release, the collaboration meets Mifundo’s commitment to develop financial mobility through the region of Europe, as its technology product will enable individuals to access solutions from banks across borders.
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