FAQs

Open Banking empowers you to make the most of your own financial data generated by banks and credit card providers. With Open Banking, you consent to securely share your financial history with specially regulated companies, like Credit Kudos, and can withdraw access at any time. Open Banking is an innovative service backed by the government to help you more easily manage your finances, get customised deals and products, and save money.

Open Banking allows certain companies specially regulated as Account Information Service Providers (AISPs) to connect directly to banks and financial institutions to securely access individuals' and SMEs' financial transaction data through APIs. Open Banking data can only be accessed with the account holder's consent. Credit Kudos, an AISP, provides an online interface for requesting that consent, and enables the connection of multiple financial institutions at one time. Credit Kudos then consolidates the financial data retrieved through Open Banking into a useable format for lenders, brokers, and banks. A third party company not regulated as an AISP cannot access Open Banking without working directly with an AISP.

Credit Kudos uses financial history to build an accurate credit profile. Your bank has the most complete picture of your ability to borrow. Unlike traditional credit checks, we only use data you agree to share.

Yes, your bank and Credit Kudos have a trusted, secure connection. Your bank only has Open Banking connections with licensed and regulated companies like Credit Kudos.

An API is a way for different technology products to communicate instantly and securely. One website, app or company can request information from another through the internet or a secure connection, then get data back in a standard format. Open Banking using APIs to transmit data between the banks and licensed and authorised companies like Credit Kudos.

Credit Kudos looks holistically at what you can afford to borrow and the financial commitments you currently have. We don’t penalise you for not having taken out credit before, your age, or how long you’ve been at the same address. Instead, we figure out how much debt you can realistically take on given your financial history. We never want you to be turned down for a loan you can afford. Our mission is to get you the best deal possible for your unique financial situation.

Your bank and Credit Kudos have a trusted, secure connection through an EU government initiative called Open Banking or PSD2. When applying for a loan or through our website, Credit Kudos will prompt you to select your bank, and your bank will walk you through the process of authorising Credit Kudos. The process only takes a few minutes, and we'll guide you through each step. If you don't want to share, you don't need to do anything. Your financial behaviour is only accessible when you specifically consent to share it.

Credit Kudos uses financial history to build an accurate credit profile. Your bank has the most complete picture of your ability to borrow. Unlike traditional credit checks, we only use data you agree to share.

Only Credit Kudos and the lender or company who has asked you to complete a Credit Kudos check will have access to any information about you. We will always tell you the name of the company you will be sharing data with and exactly what data you are sharing. We only share your Open Banking data with your explicit consent.

Yes, you can connect as many accounts as you need from one bank or from multiple banks. Simply select multiple banks for the list at the first stage of the Credit Kudos journey, then when your connection is finished you’ll see the option to add accounts from another bank.

Occasionally the banks have times when they are unable to process certain accounts through Open Banking. If your bank is on the list of banks we support (listed in the first stage of the Credit Kudos journey), we recommend you try again. If your account still isn’t working, you can let us know by chatting with us through our website https://creditkudos.com or by emailing support@creditkudos.com.

Whilst we cover the vast majority of the current accounts in the UK and the Republic of Ireland, there are still some financial institutions that don’t support direct connections. We’re bringing on new banks and building societies quickly, so check back soon if yours isn’t on the list.

No, completing a Credit Kudos check will not affect your traditional credit score. Unlike the traditional credit bureaus, we don’t mark your universal credit report when you go through a credit check. If you are taking out a loan, however, your lender might also complete a traditional credit check separately, which could impact your credit score. It’s best to check with your lending institution if you are unsure.

Creditors look for responsible saving and spending habits. This means ensuring your financial obligations (phone bills, loans, council taxes, rent, utilities) and discretionary spending (restaurants, entertainment, travel) do not regularly exceed how much money you make in income. You don't need to take out loans or do anything special to improve your Credit Kudos score. Good financial habits - only using your overdraft when necessary, and regularly earning enough income to cover your bills - are enough to show lenders you are likely to pay back a loan.

Credit Kudos never charges individuals to use our services or Open Banking. We make money by licensing our software and services to lenders.

No. We can only access your financial data when you go through a specific process with us and your bank. We will always make it clear exactly what data you are sharing before you share it.

With Credit Kudos, you are in control. The technology we use to access transaction data, called Open Banking, is only possible with your explicit consent. Don’t want to share? You don’t need to do anything; Open Banking is opt-in only. Some of our partner companies might give you other options instead (for example, providing photos of your bank statements). Credit Kudos is almost always faster and more secure than other options.

Your bank keeps a record of what data you’ve shared and where, and you can revoke access within your online banking at any time. If Credit Kudos has access to your data for longer than a single access period, you will be presented with the opportunity to create a password to an online portal where you can manage and revoke your consent for Credit Kudos to access any of your data.

No, Credit Kudos does not have any access to make payments in or out of your account.

Credit Kudos is authorised and regulated in the United Kingdom by the Financial Conduct Authority for Account Information Services and Consumer Credit activities provided within the United Kingdom. We are also authorised to provide our Account Information Services in Ireland under the EU Passporting Regime. This means we have full regulatory permission from Central Bank of Ireland.