CRIF launches consumer credit scoring service in UK



European credit risk company CRIF has expanded its open banking-powered consumer credit product to the UK.

UK banks and lenders are now able to access CRIF’s open banking technology to securely connect to a consumers’ current accounts and access real-time, in-depth information on their financial situation.

CRIF then categorises this data to profile spending behaviours, financial health, affordability, identity, cashflow forecast and even credit risk, while also allowing financial institutions to identify any business development opportunities, such as offering cheaper insurance deals.

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CRIF’s consumer credit scoring service is connected to more than 3,200 banks and is already accessible to millions of consumers and hundreds of thousands of SMEs across Europe.

To date, more than 150 major lenders are leveraging CRIF’s open banking proposition to automate processes, lend more and decrease risk.

The service gives both local and global players a single point of access to data and locally adapted categorisation and analytics on 15 European countries.

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Building on traditional credit checks, CRIF’s automatic, real-time profiling and insights enable lenders to improve both the quality and speed of their decision-making.

It enables more consumers to access financial products that are right for them without being wrongly declined due to a lack of up-to-date financial information or potentially having to turn to higher cost options.

Open banking data allows consumers to be evaluated for their creditworthiness even if they have a limited credit history, including those who haven’t borrowed before or recently, or those who are new to the country.

“The cost-of-living crisis is putting a major strain on consumers and businesses alike,” said CRIF regional director for the UK and Ireland Sara Costantini. “Without accurate, up-to-date credit information, many risk being declined financial support, face higher interest rates, or could be offered unaffordable products.

“It’s more vital than ever that financial providers can lend accurately but responsibly to consumers and businesses.”

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In the UK, this consumer-focused service joins CRIF’s existing credit scoring service for businesses, Credit Passport, which uses open banking to provide business lenders and financial providers with the most accurate view of a small business’ finances in real-time.

The service is currently used by more than 30,000 UK small businesses to help them better understand and improve their credit score and evidence their creditworthiness to lenders.

The launch of CRIF’s consumer credit scoring service in the UK is part of its wider mission to enable financial providers to offer their customers a seamless digital journey, from customer onboarding and evaluation to business development.