Case Study: Fair For You

Increasing approval rates in new lending

What problems was Fair For You trying to solve?

As a part of continued new lending decisioning improvements Fair For You was looking for a way to reduce the number of affordability-based declines by replacing and improving on ONS-based expenditure estimates.

Their goals were to:

Increase their approval rates without compromising on risk
Reduce the time spent on manual underwriting
Streamline their operational processes for maintaining their affordability models

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They needed more accurate affordability assessments to responsibly extend credit to a broader customer base while maintaining their risk appetite.

How did Infact help to solve these problems?

Infact's Affordability Engine was integrated into the lender's existing decisioning process, providing:

Granular, individual-level expenditure predictions
Enhanced affordability assessments using applicant-declared income and other relevant data points to personalise expenditure estimations for each applicant
Comprehensive coverage with predictions for 100% of applicants
Seamless integration with existing credit risk models following a short period of dual processing

How is the lender benefiting?

Fair For You achieved a 16% increase in approval rates, materially reducing affordability-based declines
Maintained their risk profile as part of larger decisioning improvements
48% reduction in manual underwriting time
75% reduction in time spent maintaining affordability model

Regulatory compliance

The solution supported the lender in meeting regulatory requirements for affordability assessments, a critical consideration in the non-prime sector.

How are the lender's customers benefiting?

Increased access to credit

More applicants are being approved for loans, with a 16% increase in approval rates. This means more borrowers can access the credit they need.

Faster decisions

With a 48% reduction in refer rate, borrowers receive decisions more quickly, improving their overall experience.

Responsible lending

Despite the increase in approvals, the default rate remained slightly lower than the incumbent model, adding an additional layer of insight to help protect vulnerable customers from over-extending.

James Wilkinson, Head of Lending at Fair For You

Testimonial by Fair For You

“Infact's Affordability Engine has improved our expenditure assessments beyond what we could achieve with ONS, which has delivered meaningful increases in acceptances and automated decisioning while keeping application friction low.”

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