The company collects customers data on their website with their consent to allow it to be used by lenders, brokers, and financial institutions. The data collected is more in-depth compared to traditional scoring so that the customer can have a more accurate credit score in instances of attempting to receive a loan from a bank.The company is authorized and regulated by the Financial Conduct Authority and is compliant with the 1998 Data Protection Act.
Lenders can also use Credit Kudos due to its machine learning that streamlines the process of collecting data in order to make a decision on granting the loan to the customer. The technology that Credit Kudos uses instantly requests income and expenditures from a borrower's bank and presents information on the website using graphics and text. Other actionable insights can be added to the credit check so that lenders can factor in other considerations which are important to them.
P2P lender to smooth applications through Open Banking initiative - AltFi News
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