Experian and Fair4All Finance Partner to Expand Debt Consolidation Solution in UK

Global data and technology company Experian has partnered with British not-for-profit organization Fair4All Finance to help people access debt consolidation products.

Together, using a 1-million-pound (about $1.3 million) grant from Fair4All Finance, the organizations will promote ReFi, Experian’s technology that combines multiple debts into a single loan, they said in a Wednesday (Nov. 26) press release emailed to PYMNTS.

“Unlike traditional consolidation loans, ReFi settles existing debts directly with creditors, so lenders access only the new loan — removing the issue of ‘double counting’ and improving access to credit,” the release said.

Double counting is an issue in which both the original debts and the consolidated loan are included in affordability assessments, making people’s total debts appear larger and preventing them from getting approved for a debt consolidation loan, according to Experian’s web page about ReFi.

The organizations will scale ReFi through more lenders on the Experian Marketplace, per the Wednesday press release.

Their initial goal is to help 10,000 borrowers reduce their interest charges by 50 million pounds, according to the release.

“By making debt consolidation easier and lowering monthly payments, we’re sticking to our commitment of financial inclusion by helping people feel more in control of their finances,” Edu Castro, managing director of Experian Consumer Services UK&I, said in the release.

Fair4All Finance CEO Kate Pender said in the release that fair and affordable credit will provide a safety net for millions of people in the U.K. who are financially excluded.

“This direct settlement technology will ensure more people are able to access a consolidation loan, improve their creditworthiness and steer clear of problem debt,” Pender said.

Experian acquired the ReFi solution from FinTech company Paylink in January.

The two companies had already teamed up in September 2024 to introduce a debt consolidation solution that leveraged ReFi to expand access to a broader range of consumers through the Experian Marketplace.

When announcing its acquisition of ReFi in January, Experian said the solution would become part of the Experian Consumer Services Marketplace.

“Research from Experian, compiled for Fair4All Finance, reveals that 41 million U.K. consumers have credit products, with 83% (34 million) of these involving revolving debt that remain unoptimized,” the company said at the time in a press release. “Debt consolidation remains the number one reason consumers search for loans on the Experian marketplace, however, many individuals who need these loans struggle to qualify due to affordability restrictions.”