Experian Taps ChatGPT to Help Consumers Find Loans

Experian is harnessing the power of artificial intelligence to help consumers find lending products that suit their needs. The company recently introduced the Experian Loans ChatGPT application, which allows users to explore personal loan information and options directly within ChatGPT.

ChatGPT has more than 900 million weekly active users, according to OpenAI. And the AI tool has more than 50 million subscribers on the consumer side.

Both those numbers stand to grow as more people become comfortable turning to AI for help with both simple and complex tasks.

Of course, Experian could have rolled out a new AI-driven application that relies on a different model. But with so many people already using ChatGPT, the company may see strong user adoption with its new product. 

More than 50 million consumers subscribe to ChatGPT.

Experian says the experience combines conversational AI with its marketplace experience, lender network, and financial services infrastructure to help people locate borrowing opportunities.

Debbie Hsu, Executive Vice President of Product at Experian Consumer Services, said in a press release that the application reflects the company’s commitment to making financial opportunities more accessible, personalized, and transparent through AI at scale.

“By combining conversational AI, trusted data, and analytics with the reach of platforms like ChatGPT, we are helping consumers explore their options and navigate financial decisions with greater clarity and confidence,” Hsu added. 

Finding a suitable loan can be a time-consuming undertaking for a person with good credit. And once a user has found a lending solution that checks all the right boxes, they’ll typically still need to complete an application before a lender will provide them with funding.

The process can take even longer — and be even more frustrating — for people who have bad credit. That’s because those with less than stellar credit may have a tougher time finding a company that they believe will lend to them.

But Experian offers online resources that can help people cut down on the time it takes to find a loan they qualify for. 

While Experian’s new application can help users explore personal loan information and options, the company advises prospective borrowers to make use of its website for an experience that’s more personalized. The site allows Experian members to view pre-qualified offers and check out personalized terms and rates.

Perusing pre-qualified offers can be a smart move for people with poor credit scores who fear that applying for new loans will cause further damage to their scores. Experian says No Ding Decline loans use only a soft inquiry if the borrower is initially declined, though initial approval or acceptance may result in a hard inquiry.

Experian indicated in its press release that the launch of its new application is an expansion of the company’s wider consumer-first AI strategy. And the credit bureau is continuing to build AI-enabled experiences to help people unearth financial opportunities and act on them with more confidence.