UK FinTech Zilch has partnered with credit referencing business Experian to help more responsible lending.
In Brief:
Zilch is a BNPL lender which uses open banking to help make lending decisions.
Now, it will add the reporting of payment plans to the process.
Experian will help better inform aspects like affordability.
What does this mean?
Regulation has yet to come in for BNPL, which is currently not seen as consumer lending in the eyes of the law, but most firms offering installment options are trying to get ahead by enabling reporting tools and trying to ensure they are already operating in line with current consumer protection laws.
