The UK branch of consumer credit reporting agency Equifax has announced it is launching a new credit comparison marketplace.

Through a new partnership with Aro, the British embedded finance firm, the company’s new “data-driven” marketplace compares credit cards, secured loans, and personal loan products.

The process involves a soft credit search, which Equifax said does not impact consumers’ credit scores.

The new marketplace gives UK consumers access to credit options across more than 70 of the UK’s leading lenders.

“Delivering the best value to our customers and empowering them to make the best possible financial decisions is at the heart of everything we do," said William Napier, product and marketing director for consumer solutions at Equifax UK. "A partnership with Aro felt like a natural progression for Equifax to deliver a better user experience for our customers."

Equifax says that by simplifying the comparison process, it is encouraging responsible borrowing.

It added that the move would help consumers make better-informed decisions in a difficult economic climate.

---