AperiData, the Open Banking credit bureau, introduces its real-time Open Banking credit score, AperiScore. AperiData is authorised and regulated by the Financial Conduct Authority as a Credit Reference Agency (CRA) and Open Banking Provider.
Leveraging these authorisations, AperiScore will enable lenders to move beyond the boundaries of traditional CRA data, allowing them to score all applicants accurately in real-time, including those with limited credit history or thin credit files.
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The number of credit-invisible adults in Britain is growing rapidly, up from 5 million in 2022 to 5.6 million at the end of 2023
What’s more, one in ten adults have no credit history and face significant challenges when it comes to accessing mainstream financial services like mortgages, loans or credit cards.
By analysing millions of Open Banking transactions in combination with AperiData’s deep risk insights and state-of-the-art models, AperiScore accurately predicts an applicant’s propensity to repay and generates a score. This serves to increase acceptance rates and enable greater access to financial products for the financially underserved.
Stephen Ashworth, Chief Executive Officer at AperiData, said: “AperiData is on a mission to improve financial inclusion by revolutionising credit scoring and lending processes, and modernising the way businesses access, understand, and utilise data to better serve their customers. Financial assessments should be fair and ethical, and grounded in the most accurate and up-to-date financial information which is why we have leveraged our powerful proprietary platform to enable a completely new approach to credit scoring and financial assessments.”
“AperiScore will empower businesses to say yes more and drive consumer trust by providing precise, real-time data that is accessible and accurately reflects their financial truth. Importantly, it works to nurture an environment of increased choice based on trust for both businesses and consumers.”
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By GlobalDataEd Adshead-Grant, Non-Executive Director at AperiData commented: “Using real time bank data enables a step change in risk decisioning when compared with traditional scoring approaches. AperiData is effectively moving the world from batch to online, creating a whole new capability within the lending and credit scoring space. We look forward to driving the modernisation of the industry with the adoption of AperiScore for any lenders and traders who want the full financial truth.”
