Using Open Banking for credit scoring
About Credit Kudos
Credit Kudos is a challenger credit reference agency and Open Banking provider building intelligent products that help credit providers increase acceptances and reduce risk. Through direct connections with the UK’s largest banks, Credit Kudos enriches transaction data for use by lenders, brokers, and financial institutions. Credit Kudos goes beyond traditional scoring, providing a comprehensive view of a borrower’s financial situation so credit providers can enhance their affordability and risk assessments.
Credit Kudos most recently won ‘Innovation of the Year’ and ‘Credit Information Partner of the Year’ in the Consumer Credit Awards 2020 and was named one of the top fintechs in Europe to watch in the FinTech50 2020. Credit Kudos’ founder, Freddy, was also named in London’s Most Influential People 2019: Fintech and Banking.
What's the Open Banking use case?
Credit Kudos’ products help credit providers leverage Open Banking to increase approvals and reduce risk. Credit providers use Credit Kudos’ enriched insights to help enhance their affordability and risk assessments. As a credit reference agency, their predictive insights are built by combining transaction and loan outcome data, made available through their API or dashboard. Credit providers across the UK and Europe use their products to streamline underwriting, improve decision-making accuracy, and support customers after acquisition through their engagement tools.
Credit Kudos recently unveiled their latest technology, Assembly, their Open Banking decision engine. With Assembly, credit providers can create, test and deploy automated credit decisions with minimal or no tech integration.