Using Open Banking for credit building
CreditLadder is a UK rent reporting service and the first company in the UK to enable a tenant’s monthly rent payments to contribute to improving their credit score. A crucial feature of CreditLadder’s service is the ability to verify a person's identity and rent payments and report them into Equifax and the Experian Rental Exchange. To achieve this, they needed to be able to verify a user's bank account and transaction history. Traditional methods, such as using paper bank statements, were time-consuming and required manual data entry. In contrast, existing digital techniques, such as screen scraping, were unreliable and not as safe for consumers, requiring users to share bank credentials.
What's the Open Banking use case?
Using CreditLadder’s Open Banking enabled service, their users can improve their credit score over time by building credit off rent and utility payments. Enabling their users to access better rates on products such as credit cards, loans and utilities.
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