Trustfolio taps Equifax for open banking-powered debt advisory solution

‘Debt-tech’ firm Trustfolio has partnered with consumer credit reporting agency Equifax to launch an open banking-powered debt advisory solution.

‘Debt-tech’ Trustfolio partners Equifax

The new solution on Trustfolio’s Debt Adviser Support Portal will give advisors instant access to banking transaction data in an income and expenditure format mapped to the Standard Financial Statement, which is used to summarise a person’s income and outgoings, along with any debts they owe.

Equifax UK’s product director of open banking, Andy Sacre, says the firm is “driven to work with more and more businesses to demonstrate the power of bank transaction data, especially when helping to get people out of debt”.

The data will be viewable alongside client credit reports already available through the platform, giving a more holistic and detailed picture of a client’s financial situation in minutes.

The Debt Adviser Support Portal is a digital platform for the not-for-profit advice sector, designed to save time by removing the administrative burden of gathering clients’ financial information. It is currently used by more than 160 agencies and 850 individual advisers.