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PayLaterr Inc., a bill-payment platform provider, has partnered with Experian to use the credit bureau’s advanced identity and behavioral analytics for fraud detection and to help consumers make better budgeting decisions.
PayLaterr says it will integrate Experian’s fraud-detection tools and alternative credit-data solutions into its identity-verification and decision-making processes. PayLaterr will also use Experian’s analytics to leverage non-traditional data points, such as utility payments, rental history, and subscription behavior, to better understand financial habits for users who may not have a traditional credit file.
Experian’s data points and analytics can also help provide budgeting recommendations to consumers. PayLaterr determines consumer eligibility to use its platform through such criteria as income, age, employment verification, and paystubs. PayLaterr expects to complete rollout of the new service by the fall.
“Partnering with Experian gives us the tools to protect our platform from fraud and empower a broader customer base with smarter, more inclusive budgeting insights,” PayLaterr chief executive Akeem Egbeyemi, says in a statement.
In addition to improved fraud detection, the deal will expand access to budgeting tools for PayLaterr users, the Los Angeles-based fintech says.
PayLaterr helps consumers manage their bill payments by enabling them to split bills such as rent, utilities, and car payments, into four installments. Users can also earn rewards for paying their bills on time and apply those rewards toward bill payments. There is no limit to the number of reward points users can earn annually, according to PayLaterr. Users can also track monthly spending by category across their bank accounts and credit cards. Monthly pricing plans for PayLaterr range from $34.99 to $159.99.
