Equiniti Credit Services, the UK’s leading consumer credit technology and outsourced services provider, today announces it has partnered with FCA-authorised credit bureau and Account Information Service Provider (AISP), Credit Kudos.
The partnership will enable Equiniti Credit Services to leverage Credit Kudos’ open banking APIs to deepen the credit affordability assessments that secured and unsecured lenders can perform via its platform, helping them to provide customers with fairer access to finance at a time of increased industry scrutiny and ensure that they are treated appropriately, and responsibly throughout the agreement lifecycle
The Credit Kudos solution will provide lenders with access to in-depth bank transaction data and analysis, offering additional credit risk metrics to complement the Equiniti Credit Services’ existing credit decisioning engine. This will enable lenders to further enhance creditworthiness and affordability decisioning, resulting in faster applications and increased acceptance rates.
“Our platform enables lenders to hardwire responsible practices into the lifecycle management of their credit products,” comments Richard Carter, Managing Director, Equiniti Credit Services. “Deeper insights afforded by open banking data are game changing; they’re a fantastic basis upon which lenders can make fairer and more informed decisions about loan eligibility, both during the origination process, but also throughout the loan lifecycle. Our partnership with Credit Kudos gives lenders early access to these insights, via a credit bureau that uses open banking to its full potential. By combining our strengths, we are offering a credible solution to lenders which takes advantage of the latest advances in data and meets regulatory market requirements.”
Freddy Kelly, CEO and co-Founder of Credit Kudos said: “The impact potential of this partnership on the UK market for credit is significant. Equiniti Credit Services supports some of the UK’s largest credit providers, many of whom are at the beginning of their open banking journey. Through the Equiniti platform, these providers can now leverage our status as both a credit bureau and an AISP to incorporate open banking insights into their creditworthiness assessments. Ultimately, this new level of sophistication will give consumers access to credit products that are more accurately aligned to their personal circumstances.”
The partnership will also enable lenders to sharpen their picture of a customer’s financial status over time, enabling them to quickly detect and act on vulnerability. Automated collection of an applicant’s digital statements will also be introduced, to help remove the distress caused to applicants when they are required to manually submit evidence of their financial history.
Equiniti Credit Services is transforming the future of lending by delivering flexible, agile solutions that support the entire lifecycle of a loan. It operates across a diverse range of financial services companies including banks, investment banks, building societies, motor finance, specialist finance and challengers.
Credit Kudos is pioneering the use of open banking data in the assessment of credit risk and was one of the first FCA-authorized Account Information Service Providers (AISP) in the UK.