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Credit Kudos receives green light from FCA


FCA

Credit Kudos has been granted authorisation from the FCA to operate as a fully regulated credit reference agency.

The challenger credit bureau is looking to take on established credit-scoring firms Experian and Equifax after developing its financial behaviour score (FBS).

Credit Kudos believes it is building a new breed of credit-scoring system, which will tackle the problem of increasingly persistent consumer debt. 

The company has built a process which monitors financial behaviour in real-time and reports back an FBS which is reflective of a borrower. 

The data includes whether the individual is saving and how regularly, how timely their bill payments are and whether they have set long-term financial goals as well as a household budget. 

Freddy Kelly, founder and CEO of Credit Kudos, claimed credit was a crucial instrument for many and yet the tools used to measure and assess borrowers were stuck in the dark ages.

“Becoming a fully fledged credit reference agency is recognition of the great work our team has put in over the past two years, work that has already helped thousands of people establish their suitability for credit in a fair, fast and transparent way. 

“With open banking just around the corner, we’ve seen adoption rates rapidly increasing. 

“Impending regulatory changes such as the General Data Protection Regulation (GDPR) are taking data from the large credit bureaus and giving it back to the customers who can truly harness its value.”

Bamboo has been an early adaptor of Credit Kudos and Matt Nunn, head of credit at Bamboo, said: “In our opinion, Credit Kudos differentiates itself from alternatives with a truly slick customer journey and a powerful vision of how customers’ personal information can drive better outcomes.

“Credit Kudos has enhanced its technology and product offering [and] over the last year, we have seen impressive improvements in the quality and depth of information provided, and we are excited about the innovation roadmap and us progressing to full-scale roll-out of the product.”





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