Credit Bureau, Credit Kudos has announced its has received Financial Conduct Authority (FCA) authorisation. Credit Kudos are building a new credit scoring system to tackle the problem of increasingly persistent consumer debt.

Commenting on the announcement, Freddy Kelly, founder and CEO of Credit Kudos said: “Credit is a crucial instrument for so many of us, and yet the tools we use to measure and assess borrowers are stuck in the dark ages. Becoming a fully-fledged Credit Reference Agency is recognition of the great work our team has put in over the past two years, work that has already helped thousands of people establish their suitability for credit in a fair, fast and transparent way. With Open Banking just around the corner, we’ve seen adoption rates rapidly increasing. Impending regulatory changes such as the General Data Protection Regulation (GDPR) are taking data from the large credit bureaus and giving it back to the customers who can truly harness its value.”

Matt Nunn, Head of Credit for Bamboo, an early adopter of Credit Kudos, said “In our opinion, Credit Kudos differentiates itself from alternatives with a truly slick customer journey and a powerful vision of how customers’ personal information can drive better outcomes.” He continued, “Credit Kudos has enhanced their technology and product offering over the last year we have seen impressive improvements in the quality and depth of information provided, and we are excited about the innovation roadmap and us progressing to full scale roll-out of the product.”