LendingMetrics, a fintech specialising in decisioning software and data, has unveiled a platform that promises faster and more efficient processing of motor finance applications.

In a press release, the Software-as-Service provider said: “Applications for car finance often benefit from multiple credit reference data checks to increase the visibility of an applicant’s financial situation and improve application conversations. But, this can lead to ‘double counting’ consumer credit files when using more than one bureau.”

The company’s recently launched DeeJoop platform “distils credit risk data from multiple bureaus to produce a ‘net’ credit file for consumers. Using proprietary algorithms, it interrogates the large quantity of data contained in multiple Credit Reference Agency (CRA) files and removes double-counted credit commitments, defaults, mortgages, CCJs and other duplicated elements of a consumer’s credit file.”

The fintech platform will improve car finance application processes by producing “much higher quality affordability assessments, ensuring finance providers are treating customers fairly,” it said. 

David Wylie, commercial director of LendingMetrics, said: ‘The speed of getting a high-quality decision is critical for dealers when locking in a prospect. DeeJoop provides what they have been waiting for: something that delivers rapid higher-match rates and better affordability assessments through a true multi-bureau solution.’

David Wylie

The platform has been in development since mid-2020. 

The company explained that the SaaS solution evolved from increased regulation across the industry, leading to financial service providers needing to carry out more effective affordability and eKYC assessments on applicants. 

“For those with ‘thin’ credit files, lenders can run multiple bureau searches, but this can be problematic given the need to handle different data formats and heavy data duplication, as well as unpredictable CRA coverage and occasional outages.

“The new DeeJoop technology enables providers to efficiently run these multi-bureau searches and avoid wasted opportunities to lend to otherwise perfectly suitable borrowers,” the press release said. 

The company is based in Hampshire and operates in the UK and Australia.