Challenger credit bureau Credit Kudos has announced they are the Open Banking and Credit Risk partner of choice for the car finance broker, CarFinance 247. Credit Kudos is an FCA-Authorised Credit Bureau and AISP that uses financial behaviour to measure creditworthiness, harnessing Open Banking. Credit Kudos will be supporting both CarFinance 247’s lending and broking business to enhance their credit risk modelling and provide richer affordability and risk insights.

Alex Hurst, Commercial Director for CarFinance 247 said “Having evaluated all the Open Banking offerings on the market, we elected to work with Credit Kudos due to their superior credit decisioning track record and product capability. Credit Kudos stood out from the competition with the ability to satisfy KYC, AML, Income and Expenditure and enhance our current credit risk model with an out of the box solution. We are excited to see how Open Data revolutionises our industry and believe we are at the cutting edge now we have partnered with Credit Kudos.”

Credit Kudos CEO and Cofounder, Freddy Kelly said “We’re excited to be working with CarFinance 247 as their Open Banking partner, to augment their credit risk modelling, and to provide richer affordability and risk insights. As both an AISP and Credit Bureau, we combine both Open Banking and outcome data to make highly accurate credit risk predictions based on thousands of aspects of financial behaviour. We are thrilled to partner with a market leader to showcase our capabilities in credit risk modelling.”

CarFinance 247 was launched in 2006, and has since achieved impressive year on year growth, expecting to originate more than £500m worth of loans this year through its innovative and digital first approach to car finance. Consistent investment in new technologies to improve customer experience and ensure a straightforward and fuss-free car finance solution has cemented its position as the No.1 Car Finance website and broker in the UK. Partnering with Credit Kudos will enable CarFinance 247 to further enhance their customer journey, gain richer affordability and risk insights, and improve credit decisioning to continue to drive the growth of its car finance business.