Our Affordability Report is comprised of: expenses, income, assets and liabilities, with an additional report providing an overall summary data - providing totals allowing the assessor to get a full view of the customer's financial health at a glance.
Categorised Expense Summary
Historical transaction data for a single customer is analysed (using machine learning) to provide summaries for credit decisioning and financial planning.
Expenses are made up of enriched transaction data classified using Household Expense Classification (HEC). Most of the approximately 700 items included in the classification relate to expenditure on goods and Services.
Basiq provides the report both summary and detailed levels allowing you to roll-up and drill-down as required.
Income Verification Summary
Income summarised and classified by type and frequency.
Basiq relies on a series of parameters to identify income sources and applies a series of rules/grouping to determine the frequency and reliability of each income source for e.g. regular or irregular and how often the income is received, variance and duration.
We identify each source of regular or irregular income separately and the Affordability report aggregates this up into one amount with a breakdown by income source.
For each income source you also have a link to the raw transactions that are used aggregate the values.
Assets are cash based and relate to savings accounts, terms deposits, and investment accounts. It summarises cash reserves used to assess deposits for loan applications.
Liabilities are account based and relate to mortgages, personal loans, credit cards and overdrafts. Liabilities also include credit card and overdraft limits, a cash advances flag for credit cards, and an arrears flag for loans.
How to get the Affordability Report
Banks and lenders can include the Affordability report in their credit decisioning process and it can be accessed in two ways:
- Use our Connect Product to access to their customers bank transaction data
Connect provides access to over 70 financial institutions. Based on customer consent Basiq can retrieve all associated account and transaction information required to generate the Affordability report.
- Direct feed to provide an existing customers bank transaction data
This allows banks and lenders to provide bank account and transaction data for a single customer and an Affordability report is returned in real-time.
Get a PDF version which allows credit assessors to attach a physical version of the report to the loan application.
Embed the report into your automated credit decisioning processing via the Affordability API.