Credit, Collections & Insolvency News
Fintech start-up, Snoop has been granted regulatory approved by the Financial Conduct Authority (FCA). Snoop connects to a customers’ current accounts and credit cards through Open Banking, and using a combination of both artificial intelligence and human intelligence, delivers data-driven, personalised insights to help consumers avoid rip-offs and make the most of their money. As…
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Recent research from the University of Edinburgh Business School has revealed that including gender information in credit scoring models increases the proportion of women accepted for consumer credit without altering the predictive accuracy of these models, The reseearch suggests that women can benefit from gender being taken into consideration in automated decision-making processes, increasing their…
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Unexpected payments cost consumers £17 billion every year according to Lowell, which commissioned the research. The research also showed that one in five were left in debt after an unexpected bill, with a tenth having to move back in with their parents because they couldn’t afford to pay for their home. John Pears, UK Managing…
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AccountScore and Equifax have announced the release of a new credit risk index for the consumer lending sector which allows financial institutions to more effectively understand consumers applying for credit products. The index is based upon the transactional information found within a consumer’s bank account and takes advantages of the opportunities provided by Open Banking…
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Here is an overview of The Money Charity’s latest statistics for October 2019: Personal debt in the UK People in the UK owed £1,650 billion at the end of August 2019. This is up from £1,604 billion at the end of August 2018, an extra £876 per UK adult over the year. The average total…
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Consumers say banks should track their personal data to help them avoid debt problems according to a new report published by the Money and Mental Health Policy Institute, supported by Barclays. It explores how banks and building societies could monitor customer data to spot signs that people are at risk of falling into debt, such…
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Open Banking Expo has announced a new partnership with Nationwide Building Society’s Open Banking for Good challenge and The Money Charity. At its flagship London event, Open Banking Expo will reveal the progress of Nationwide’s fintech partners who are creating apps to help solve financial capability problems, and donate a percentage of ticket sales to…
Read moreEquiniti Credit Services has announced that it has partnered with 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…
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Skipton Building Society and Experian have announced a new partnership with the aim to save mortgage applicants from the hassle of gathering their paper bank statements by adopting Open Banking technology. The new agreement will mean that people applying for a mortgage will have the option of giving consent for Skipton to securely view their…
Read moreThe current lending market has seen the emergence of software developments that help to streamline processes for loan origination and credit assessment. Increasingly, shifting consumer expectations and technology-led changes in the industry have taken financial institutions to be increasingly aware of the need to update their practices and make way for innovation, that can help…
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The 2019 Open Banking Expo will be held on Wednesday, 13th November 2019 at etc. venues near St Paul’s Cathedral in London. More than 400 senior executives are expected to attend. The Open Banking Expo brings together the innovators, disruptors and visionaries who will shape the future of Open Banking. Leaders and experts from financial…
Read moreChallenger credit bureau Credit Kudos has announced the releases of their newest credit risk scoring metric, the ‘Liquidity Score’. Using Open Banking data, the newly introduced Liquidity Score predicts how liquid an individual will be in the future, i.e. the likelihood an individual will remain above £0 or above their unarranged overdraft across all bank…
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New figures released by the Finance & Leasing Association (FLA) show that point of sale (POS) consumer car finance new business volumes grew by 5% in July, compared with the same month in 2018, while the value of new business increased by 6% over the same period. The POS consumer new car finance market reported…
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