In a bid to boost transparency and help consumers make more informed decisions about their finances, Experian has expanded its guaranteed rates service.
The expansion of the service comes after Experian launched guaranteed rates for loans in May, with LiveLend and Admiral Car Finance joining Likely Loans, Zopa, Lendable, and Shawbrook to provide this offering. Two major credit card providers, Virgin Money and Capital One also offer guaranteed rates with Experian, while customers which are pre-approved for cards from Vanquis will now also see the rate they will get before applying.
This means consumers, who don’t always receive a finally confirmed Annual Percentage Rate (APR) at the point of application*, now have the option to see guaranteed rates when shopping for credit with these providers via Experian, giving them a clear picture of the best deals available to them.
Analysis of loan data by Experian shows it is not unusual for the confirmed APR to move by as much as 10% from the representative rate, making a difference of more than £50 per month in interest payments**. This finding shows the positive difference that guaranteed rates could make for consumers.
Amir Goshtai, Managing Director of Experian Marketplace & Affinity, said: “We see offering guaranteed rates as a true game-changer in the highly-competitive comparison market.
“We believe improving transparency in the industry is crucial to helping consumers make better financial decisions, which is why Experian is leading the way with guaranteed rates. It’s been hugely encouraging to see how many providers have already signed-up, and our ongoing discussions have been very positive.”
The service is now available to all users of Experian. Customers should look out for “APR Guaranteed” next to their results when searching for credit cards to know that the rate they see is the rate they’ll get.