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It has announced it will be using Experian’s CrossCore product to carry out identity validation checks to approve customers who meet its compliance policy requirements.
But it will also receive and share credit information data with Experian to help learn more about the background of those customers applying for RIOs.
LiveMore said the link with Experian would help it understand and onboard new customers as it expands its presence in the later life market following its launch into the sector in June 2020.
Lisa Fretwell, managing director of data services at Experian, said: “The UK’s financial needs are changing all the time and it’s important that the products available reflect that.
“The data we supply to LiveMore will help it to understand and serve people over the age of 55 who want retirement interest-only mortgages, who may have previously struggled to find the right mortgage product for them.”
Leon Diamond, CEO of LiveMore Capital, said: “We’re grateful for the strong support received from Experian for us as a new lender.
“Good data is as important as ever in enabling us to make accurate lending decisions, and we are pleased with how the onboarding process has gone with Experian – particularly since much of this has occurred during lockdown, and all the challenges that have come with that.”