CRIF brings consumer credit scoring service to the UK

European credit information provider CRIF has extended its Open Banking-powered consumer credit scoring service to the UK.

CRIF’s consumer-focused credit scoring solution, which uses Open Banking technology to securely connect to a consumer’s current account and access real-time information on their financial situation, will now be available to UK banks and lenders.

It joins CRIF’s existing credit scoring service for businesses, Credit Passport, which uses Open Banking to provide business lenders and financial providers with a view of a small business’ finances in real-time and is currently used by more than 30,000 UK small businesses.

Sara Costantini, regional director for the UK and Ireland at CRIF (pictured), said that with the cost-of-living crisis placing strain on consumers and business, it is “more vital than ever” that financial providers can lend accurately and responsibly.

“Without accurate, up-to-date credit information, many risk being declined financial support, face higher interest rates or could be offered unaffordable products,” she said.

“Our new Open Banking-powered consumer credit scoring gives UK lenders a much more in-depth and up-to-the-minute view of an individual’s financial circumstances than previously possible.

“With credit reference agencies in 30 countries, we’re better placed than anyone else to help lenders make better, more accurate decisions around the creditworthiness of consumers and businesses, ensuring that more people can access affordable, responsible credit when they need it,” Costantini added.

CRIF’s consumer credit scoring service is connected to over 3,200 banks in Europe.

At the Open Banking Expo Awards 2022, CRIF won in the Best Third Party Provider International category, with the judges highlighting its “strong product offering”. Read the winners’ supplement in full here.