Fintech lender, Blue, has announced a new partnership with challenger credit reference agency and Open Banking provider, Credit Kudos, to extend its services to even more customers.
Blue is a technology-focused lender delivering innovative motor finance solutions for more than 150,000 customers. Leveraging Credit Kudos’ rich transaction data and insights via API integration with Blue's underwriting system, Blue will be able to better assess an applicant’s creditworthiness and affordability. This also means a move away from the manual collection of documents and uploading of bank statements to a faster, more secure application process through Open Banking.
Credit Kudos is a credit reference agency that combines Open Banking data with positive and negative credit outcome data to build rich credit risk insights, providing lenders with more accurate, up-to-date information. Unlike a traditional credit assessment, Credit Kudos provides a holistic view of an individual’s finances based on Open Banking data, helping lenders make a more informed decision. Using Credit Kudos’ insights, Blue is now able to make better and faster lending decisions, as well as safely increase lending to previously underserved segments.