Credit Kudos & Blue Motor Finance to increase acceptances with Open Banking insights

By Megha Bhattacharya

FinTech lender Blue Motor Finance today selected challenger credit reference agency Credit Kudos for extending its services to more customers. Blue will leverage Credit Kudos’ transaction data and insights via API integration for assessing an applicant’s creditworthiness and affordability. Credit Kudos provides a holistic view of an individual’s finances based on Open Banking data, helping lenders make a more informed decision.

Tiku Patel, CEO of Blue, commented, “Blue has been revolutionising the used car market by applying tech, data and analytics to deliver high levels of acceptances across the risk spectrum, fast decisioning and high levels of convenience. By partnering with another fintech, we can harness Credit Kudos’ insights to get a better real-time picture of affordability and allow us to lend responsibly to even more people, including under-served segments.”

Recently, Credit Kudos was selected by Admiral Financial Services Limited (AFSL) for offering Open Banking data to initially help with income verification in a bid to support consumers across its personal loan products. AFSL will benefit from access to additional, more up-to-date information than was previously available through traditional credit bureaus, to instantly verify an individual’s income.

Freddy Kelly, Co-Founder and CEO, Credit Kudos, added, “Technology is transforming the lending sector to benefit both lenders and borrowers. We utilise Open Banking transaction data to help lenders get more accurate insights into an applicant’s true financial situation. This can help lenders to extend credit to people who may have a thin credit file, due to living abroad for example, or those with non-traditional income patterns, such as the self-employed or gig economy workers. We are excited to be partnering with another fintech to continue driving positive change in this sector.”

Credit Kudos also announced a partnership with Proptech Goodlord in a bid to boost the rental process for agents, landlords and tenants with the provision of accurate assessments of a tenant’s financial solution.