entitledto uses Experian’s Open Banking solution to help social housing tenants

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entitledto is piloting Experian’s Open Banking technology to help prospective social housing tenants to access the financial support they need.

People often need to produce three months of paper statements to allow social landlords to assess their income and expenditure. It has been particularly challenging and time-consuming during the Covid-19 pandemic when some face-to-face services have been closed.

entitledto is using Experian’s Open Banking solution so landlords can allow tenants to fill in the budgeting section of their applications in a frictionless and secure way.

Income and expenditure will be automatically categorised so landlords can easily verify a prospective tenant’s earnings and check which benefits they receive or may be entitled to. They will also be able to assess their monthly expenditure to ensure the accommodation they are applying for is affordable.

Lisa Fretwell, Managing Director of Data Services at Experian UK&I, said: “The need to produce three months of bank statements can slow applications down, especially when so many people have chosen the paperless option with their bank. Open Banking reduces this process to a few clicks in a secure way. We’re working with entitledto so social landlords can better understand people’s financial situations and offer them a more personalised service.”

Dr Phil Agulnik, Product Development Director at entitledto, said: “Our affordability calculator is transforming the way social housing providers manage their allocations. It allows landlords to maximise the income of prospective tenants, ensuring tenancies are sustainable and that vulnerable clients can receive the support they need. Working with Experian we believe Open Banking will give the sometimes time-consuming application process the boost it needs to help landlords cost-effectively manage their lettings process at a time of significant need.”