Credit Kudos loans its glory to Lending Works
UK-based Lending Works has chosen Credit Kudos to power its new open banking initiative to verify income in support of loan applications.
With this new partnership, using the new world of open banking, Lending Works’ customers can use Credit Kudos to populate forms, verify income and “help demonstrate creditworthiness instantly online, making it easier and faster to apply and be accepted for loans”.
Currently, approximately 60% of Lending Works’ borrowers are provided with instant and automated credit decisions, whereas the remaining 40% require some manual processes.
Lending Works says it expects to increase that figure to up to 90% of credit decisions being fully automated.
Last year, Credit Kudos received the green light from the UK’s regulator, Financial Conduct Authority (FCA), to operate as a credit reference agency.
At that time, Credit Kudos said it was developing a financial behaviour score (FBS), and the authorisation meant “putting its stake in the ground and taking on industry olds – Experian and Equifax”.
Lending Works says in total, nearly £100 million of loans have been matched on its peer-to-peer lending platform, and the company expects to fund another £100 million of loans in 2018 alone.
