Experian launches Fast Track to improve credit underwriting

Experian has introduced ‘Fast Track’, a new feature within its Experian Marketplace designed to streamline the credit underwriting process for loans and credit cards. The tool utilizes open banking, advanced affordability data, and enhanced identity insights to perform verification checks earlier in the pre-approval stage.

For lenders, the feature aims to reduce manual reviews, increase application completion rates, and minimize the number of applications unlikely to be approved. For consumers, Fast Track provides a clearer understanding of their likelihood of approval before they submit a full application, reducing the risk of late-stage declines or revised offers.

Lendable, an early adopter of the technology, reported during testing that customers who received pre-approval via Fast Track were less likely to abandon the process during final checks.