The population of credit-invisible adults in Britain is increasing, rising from 5 million in 2022 to 5.6 million by the end of 2023. Additionally, one in ten adults lack a credit history, which presents obstacles in obtaining conventional financial services such as mortgages, loans, or credit cards.
According to AperiData’s information, one lender experienced a 90% reversal of previously marginal declines, leading to approvals, by leveraging AperiData's Open Banking risk insights. The introduction of a bank account credit score complemented the company’s existing product offerings, resulting in fairer credit decisions and promoting financial inclusion. This approach has led to increased approval rates, reduced defaults, and expanded access to financial services for the financially underserved.
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